Money-Market Funds Should Kick Their Buck-a-Share Habit

Object loudly, lobby Congress and predict horrible consequences for the economy and investors. Money-market funds, like their Wall Street banking kin, are learning how to fend off new regulations meant to prevent a replay of the financial crisis of 2008. One company, Federated Investors Inc., is even threatening to sue.

The ploys seem to be working, and might even derail proposals to make the $2.6 trillion industry safer. That would be a shame because the Securities and Exchange Commission, which regulates the funds, is only halfway through a job it started more than two years ago. The agency should finish its work by adopting additional measures to prevent the sort of panicked run on the funds that helped kick the credit crunch into high gear.