The U.S. Chamber of Commerce is taking the SEC to court. The chamber is challenging the SEC's controversial ruling requiring mutual fund boards to have independent chairmen.

"The SEC has over-reached its authority, resulting in a rule that is bad for investors and contrary to the intent of Congress," stated Stephen Bokat, the chamber's general counsel.

The suit was filed in federal court, reported Reuters.

"Mutual fund investors often select funds based on the reputation of the adviser who they expect will provide leadership for the fund," stated Bokat. "The SEC has unlawfully eliminated a valid investment decision."

The chamber represents more than three million businesses. 

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