Word: markeys
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...bill that would require banks to sell funds in areas separate from teller windows; Gonzalez also wants banks to require customers to sign a statement that they understand that mutual funds are not insured, thereby lending the force of law to federal guidelines already on the books. Representative Edward Markey, who chairs the finance panel of the House Energy and Commerce Committee, is preparing a bill to tighten standards on mutual-fund management and advertising. "Mutual funds are a lot like the Philadelphia Phillies," Markey says. "Great organization, great starting pitching, superb hitting, but they need to address...
...improve oversight, Markey wants to double, at least, the 110 SEC regulators who police funds. "The regulators are spinning their wheels, not coming close to keeping pace with a decade of spectacular growth," says a senior House staff member. "We're not worried about Fidelity, Vanguard or Merrill Lynch. But we need greater resources to look at the newer funds...
...Markey also wants the SEC to exert stricter control over fund advertising, particularly when funds boast about their performance ranking. Investors face a barrage of claims that one fund or another ranks No. 1 in its field, no matter how narrowly that field is defined. To clear up such matters, Markey wants the SEC to require any fund claiming to be No. 1 to state how many funds it was comparing itself with and over what period of time...
...spectacle, a classic Washington combination of cynicism and naivete, seems different this time. For one thing, the lead hectors are not Helmsian right-wingers but liberal Democrats, Senator Paul Simon and Representative Edward Markey. This time, too, TV executives are groveling a bit, making mea culpas. "It's hard not to believe we've had some role in this," says Howard Stringer, CBS's president. Ted Turner told one congressional committee that he and his peers are "guilty of murder." And so, this time, the broadcasters felt obliged to make some concrete concession: starting two months from now, programs that...
...delaying the license renewal of seven stations because of their record on children's programming. The agency also narrowed its definition of educational fare to exclude entertainment shows that simply have positive social themes. The House hearings last week ratchetted up the pressure another notch. Representative Edward Markey, a Massachusetts Democrat, produced the requisite sound bite: "Children's TV on commercial broadcast television today remains the video equivalent of a Twinkie...