Mr. Bogle, a founder of the Vanguard Group, criticized the structure of the mutual fund industry, saying that insufficient emphasis is placed on the interests of the owners of the funds with too much emphasis on increasing the fees for managers. Topics included the takeover of the mutual fund industry by conglomerates, and the decreased earnings of the funds. Mr. Bogle was joined in a discussion by Mr. Bobroff and Mr. Rea, moderated by Mr. Litan and Mr. Wallison. They then answered audience members' questions.

Mr. Bogle is the author of The Battle for the Soul of Capitalism, published by Yale University Press in 2005.

This was the ninth event in the American Enterprise Institute’s continuing series on mutual fund regulation.