WASHINGTON – Senate Governmental Affairs Committee Chairman Susan Collins announced Monday that she is joining Sens. Peter Fitzgerald, R-Ill., and Carl Levin, D-Mich., in introducing legislation aimed at reforming the mutual fund industry.

“The bill that we are introducing today will not only address abusive practices, such as late trading and market timing, but would significantly overhaul the arcane and opaque structure of fees and expenses that has prevented meaningful price competition among the approximately 8,200 mutual funds that are offered to investors,” Collins said at a press conference to unveil the legislation.

“This legislation also would help to protect the good, hardworking, middle-income families who are doing their best to plan for retirement or pay for their children’s education by investing their savings in mutual funds that are promoted as a safe haven for small investors,” Collins said.