Money market fund regulations need to be revamped quickly to fix the funds’ inherent vulnerability to runs, said U.S. Securities and Exchange Commission Chairman Mary Schapiro.

“I do feel a sense of urgency about the structural weaknesses that exist in money market funds,” Schapiro said today at a Washington breakfast with reporters sponsored by the Christian Science Monitor. The SEC has been working on two possibilities to change aspects of the $2.6 trillion money funds industry that make them “prone to runs,” she said, with the agency considering either a departure from the traditional $1 share price or mandating capital cushions.

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