Turning up heat on fund industry; Congress zeroes in on fee transparency, governance.(News)

Byline: Frederick P. Gabriel Jr.

Vigorous efforts on Capitol Hill to clamp down on the $7 trillion mutual fund industry are intensifying now that state and federal regulators are investigating fraudulent trading practices at some large mutual funds.

Rep. Richard H. Baker, R-La., who is chairman of the House Financial Services subcommittee on capital markets, is "sharpening his pencil'' with regard to a bill that would give investors better information on fund fees and strengthen corporate governance, according to Linda Dallas Rich, a senior counsel with the