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Mercer Bullard

The chapter explores the rise and fall of the mutual fund brand, beginning with the observation that growth in the mutual fund industry has stagnated relative to the industry’s dramatic rise in the preceding two decades. It suggests that both that stagnation and the previous growth may be attributable to government policies. Specifically, the chapter identifies a suspension of the SEC’s program of aggressive regulatory innovation and the agency’s inaction in the face of threats to the mutual fund brand. The author calls for the Commission to reclaim its role as a regulatory entrepreneur by using its broad exemptive authority to stave off the prospect of the mutual fund brand stagnating and withering in the vacuum of SEC paralysis.