SEC Makes Mutual Funds Fess Up

Mutual funds now have to report once a year on their proxy votes. The SEC is making them do this so that mutual fund customers can judge whether a fund is working in their interests. I think this is a great idea. The mutual funds, shamefully, fought the SEC on this. The funds said it would subject them to pressure from activist groups and increase their paperwork… but shouldn’t the funds be accountable for their proxy votes? Isn’t pressure from activist groups exactly the point? How can they invest my money without telling me how they voted on my behalf? And suddenly the financial houses are opposed to paperwork? That argument is so disingenuous as to be insulting. Really obnoxious. Good for the SEC.