SEC Money Market Plan Gets Fed's Dudley's Backing

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Aug. 15 (Bloomberg) -- Bloomberg's Mike McKee reports that William Dudley, president of the Federal Reserve Bank of New York, said new rules are needed to protect the financial system from a run on money-market mutual funds, lending his support to a regulatory overhaul proposed by U.S. Securities and Exchange Commission Chairman Mary Schapiro. He speaks on Bloomberg Television's "Market Makers."

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