It's a major step forward. The legislation, expanding on a similar bill that already passed the House by a wide margin, was approved unanimously by the Finance Committee.
Some Republicans say even that goes too far.
The bill will be brought to the Senate floor later this month under special budget rules that limit debate and amendments. A reduction from five years to three years in the time it would take an employee to be fully vested in an employer's retirement program. Opponents of this provision say it could legitimize plans that hurt older workers and inadequately protect them against loss or freeze of benefits. The number of American households owning mutual funds has risen to a record 50.6 million as the popular investment vehicles continue to attract new money, the Investment Company Institute said. Despite volatility in the stock market, some 49 percent of households now own mutual funds, the institute said.