NEW YORK (MONEY Magazine) - Ever since September 2003 -- when New York State attorney general Eliot Spitzer exposed chronic corruption in the mutual fund business -- legislators, regulators and the media have been spewing out plans to fix the way that funds are run.

In the latest move, this summer the Securities and Exchange Commission (the primary federal regulator of mutual funds) created new rules for the boards of directors who oversee the $7.6 trillion that Americans have entrusted to more than 8,000 funds.

Will these reforms make your money safer?

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