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Fund Industry Rejects SEC’s Proposed Money Market Rules

The mutual fund industry rejected plans for new rules governing money market funds, escalating a three-year confrontation with regulators over how to make the investments safer.

Two proposals being worked on by the SEC’s staff “are neither constructive nor likely to make financial markets more resilient,” Paul Schott Stevens, president and chief executive officer of the Investment Company Institute, said today in a statement posted on the group’s website.