Author: Dave Michaels
9/18/2013 —Money-market mutual fund providers and the municipalities and corporations relying on them to manage cash are telling U.S. House lawmakers to be wary of new regulation for the $2.6 trillion industry.
The groups are using a House Financial Services panel’s hearing in Washington today to kick off a lobbying campaign against a Securities and Exchange Commission proposal that would force funds that buy corporate and municipal debt and cater to institutional investors to adopt a floating share price. The agency is weighing arguments as it decides whether to amend its plan, which was issued in June after a previous effort splintered the five-member commission last year.
Read the full article, Money-Fund Rule Fight Goes to House as Providers Lobby Anew, on the Bloomberg website.