Mutual fund fees paid by investors include the day-to-day costs of running a fund, called operating expenses.
The letter said such a rule could "diminish rather than enhance investors' overall understanding of fund fees."
Loads, as mutual fund fees are known, are aptly named.
Believe it or not, mutual fund fees are therapeutic, too.
In the last few months, mutual fund fees have become something of a preoccupation in Washington.
Any cap on mutual fund fees should be good news for investors.
It will also lower its fund fees at an estimated total cost to the company of $350 million.
It has not been easy for investors to fathom exactly what they are paying in fund fees.
Even after the typically high hedge fund fees, his investors had a 53 percent return.
But everybody knows that mutual fund fees are absurdly high, and the market hasn't done a good job of bringing them down.