Free Ride Ending for Money-Market Funds

The Securities and Exchange Commission is set to vote on rule changes for the money-market mutual fund industry in a move that is long overdue.
The fun is about to end.                                                                     

Of all the outrages endured during the financial crisis, perhaps the most perplexing involved money-market mutual funds. In an example of moral hazard writ large, this uninsured risk instrument -- with $2.57 trillion in assets -- somehow became too big to fail. Five years later, the Securities and Exchange Commission is finally taking steps to address this.

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