The Wall Street Journal writes "Money Funds Step Up Fight", which says, "Four of the largest mutual-fund companies and their industry group have shifted money to a lobbying campaign to fend off tighter regulations for the $2.5 trillion money-market fund industry, according to quarterly lobbying reports. They have hired former top aides to key lawmakers and held receptions for congressional leadership such as California Rep. Kevin McCarthy, the third-ranking Republican in the House. In all, the group has spent about $2 million to engage 20 lobbying firms over the past three quarters. That compares with just $580,000 spent on lobbying related to money-fund reform during the same nine-month period in the prior year.... Securities and Exchange Commission officials privately concede that the industry is winning the argument so far. SEC Chairman Mary Schapiro hasn't been able to convince two fellow commissioners to formally support the new money-market rules. Even so, she has distributed a 337-page draft proposal to fellow commissioners and is considering holding a public vote late next month, officials said. The lobbying intensified last fall after the collapse of closed-door talks between the SEC and the Investment Company Institute, the industry group backing mutual funds, the officials said." See also, FT's "The Achilles Heel of America's Financial System".

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