Rep. Henry B. Gonzalez has ordered a comprehensive probe into the impact of the mutual fund boom on the banking system.

"The money going into these funds represents a massive financial hemorrhage from traditional accounts at banks and thrifts," the House Banking Committee chairman said. "Congress needs to know what this trend means to consumers, the banking industry, and our nation's economy."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.