SEC staff floats draft proposal on money funds

Top officials at the U.S. Securities and Exchange Commission are reviewing a draft proposal for controversial new reforms for the $2.6 trillion money market fund industry, according to people familiar with the matter. The draft proposal, which was formally circulated among commissioners late on Monday, outlines SEC Chairman Mary Schapiro’s vision for adding safeguards to the money market funds, one of those people said. More on Reuters here.

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