Senators ask SEC to 'rethink' 4 p.m. trade deadline

Sens. Charles E. Grassley, R-Iowa, and Max Baucus, D-Mont., asked the SEC to consider the impact of mutual fund reforms on retirement plan participants, noting a 4 p.m. ET deadline on trades would favor investors who trade directly with mutual funds or through their transfer agents. In a Monday letter to SEC Chairman William Donaldson, the senators noted the deadline proposal would put retirement plan participants at a disadvantage because they would have to file their trades earlier through their administrators. They urged the SEC to "rethink the proposal so it works well for all investors."