One of the mutual fund industry's foremost regulatory nemeses faces a young nemesis of his own in less than two weeks.

On September 3, Massachusetts Secretary of State Bill Galvin will face his first primary challenger in more than a decade, Reuters reports. Voters in the Bay State's Democratic primary will choose between 67-year-old Galvin, who has held the office since 1995, and 34-year-old challenger Josh Zakim, a Boston City Council member endorsed by the mayor and by activists at the party's state convention back in June.

Fundsters will recognize Galvin for his securities law enforcement actions, often similar to those of the SEC or of former New York Attorney General Eliot Spitzer. Yet it is voting rights that Galvin's nemesis is focusing his campaign on: Zakim accuses Galvin of being slow to support various voting reforms. Local news called their debate last week "spicy". Meanwhile, Galvin is out-fundraising Zakim by nearly five to one ($2.8 million to $585,000, as of the end of July, according to Reuters).

At least one high profile Massachusetts Democrat, U.S. Senator Elizabeth Warren has reportedly stayed out of the race between Galvin and Zakim.

If Zakim does win, it's not clear what that would mean for securities law enforcement in Massachusetts. Yet it does seem that it is not a top priority for the candidate; all of the issues highlighted on his campaign website are about voting. 

Edited by: Neil Anderson, Managing Editor


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