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

Two proposals being worked on by the SEC's staff “are neitherconstructive nor likely to make financial markets more resilient,”Paul Schott Stevens, president and chief executive officer of theInvestment Company Institute, said today in a statement posted onthe group's website.

“My concern is that within the councils of government there arepeople whose agenda it is to kill money market funds,” Stevens saidin a telephone interview. “We won't go quietly.”

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