In a Saturday session, Congress approved language on a budget bill ordering the SEC to study how funds with independent chairmen perform compared to funds without independent chairman. The SEC will have to report back to Congress by May 1 and must act on the recommendations of the report by January 1, 2006.

An ICI spokesman did not immediately return a call seeking comment on the trade organization's position on the matter.

The SEC adopted the controversial rule in July in a 3-2 vote. The rule is also being challenged in a suit by business trade organization the U.S. Chamber of Commerce. 

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