The Securities and Exchange Commission's new rule to beef up the independence of mutual fund boards represents an industry defeat.
Beefing up the independence of mutual fund boards is a clear indication of  the power to defeat certain issues in the industry. 
It could only "beef up" something if it had the power to do so. 
( z1 indicate :ARG0 ( z2 beef-up :ARG1 ( z3 depend :polarity - :ARG0 ( z4 board :mod ( z5 fund :mod ( z6 mutual ) ) ) ) ) :ARG1 ( z7 power :purpose ( z8 defeat :ARG1 ( z9 issue :ARG0 ( z10 industry ) :mod ( z11 certain ) ) ) ) )