publicly assailed the mutual fund industry yet again this week, saying at the annual CFA Institute conference in Boston that money managers and regulators need to improve the business. The Wall Street Journal
's Friday Fund Track
reports that the Vanguard
founder called for more legislation and regulation in the fund industry, including the reinstatement of the Glass-Steagall Act and an expansion of the Consumer Protection Bureau.
"For better or worse, we have to have regulatory reform," said Bogle. "We could use a little consumer protection in the mutual-fund business, because we do a lot of things that aren't very good for the consumer."
The Vanguard founder, who skipped the ICI
's General Membership Meeting earlier this month, predicts that the industry will improve in a way befitting to him, but hopes that the business will shift its focus back to the retail investor.
Stay ahead of the news ... Sign up for our email alerts now