Bloomberg writes "Fund Industry Rejects Money Market Proposals". It says, "The mutual fund industry rejected plans for new rules governing money market funds, escalating a three-year confrontation with regulators over how to make the investments safer.... The [ICI's] statement marks a shift to a more confrontational approach in a debate that has lasted for more than three years. The trade group said previously it might accept one of the plans the SEC's staff is likely to propose before the end of March. With new details of the plans emerging last month, the ICI is now on record opposing both." See also, The LA Times' "SEC working on new rules for money-market funds" and Dow Jones' "Money Market Proposal Complicates Commercial Paper Outlook".
