Two U.S. Securities and Exchange Commission members faultedchairman Mary Schapiro's handling of discussions over rulesgoverning money-market funds, saying she misrepresented othercommissioners' dissents after proposing regulations that could“severely compromise” the industry.

“The changes the Chairman advocated were not supported by therequisite data and analysis, were unlikely to be effective inachieving their primary purpose, and would impose significant costson issuers and investors while potentially introducing new risksinto the nation's financial system,” Republican commissionersDaniel Gallagher and Troy Paredes said yesterday in a statement.

The statement is the latest in a string of public barbs amongthe SEC's presidentially appointed commissioners followingSchapiro's decision last week to scrap a vote on a proposal fortighter money-market fund rules. In canceling the vote, Schapirosaid “the issue is too important to investors, to our economy andto taxpayers to put our head in the sand and wish it away.”

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