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The U.S. Securities and Exchange Commission was presented with a 337-page staff proposal to require the $2.5 trillion money-market fund industry to float share prices or hold more capital and curb redemptions, according to a person familiar with the proposal.

The proposal may put the SEC on course for a clash among commissioners and with the industry. The plan won’t advance if the three commissioners who have already raised concerns about its impact on money funds hold firm. If SEC Chairman Mary Schapiro wins enough support to release the proposal for public comment, the agency will face renewed opposition from the U.S. Chamber of Commerce and Federated Investors Inc. Chief Executive Christopher Donahue, who has threatened to sue if a rule is ultimately adopted.

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