SEC Money-Fund Vote Cancelled

Three of five SEC commissioners planned to vote against tighter regulations for money funds.

Mary Schapiro, Chairman of the U.S. Securities and Exchange Commission, canceled a vote on a proposal to tighten money-market fund rules amid opposition from fellow commissioners and a lobbying campaign by fund companies.

Three of the five commissioners told her they wouldn’t support her proposal, Schapiro said in a statement today. Other policy makers should address “one of the pieces of unfinished business from the financial crisis,” Schapiro said.

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