The Investment Company Institute's Mike McNamee has posted a part II of his "Viewpoints" piece (see yesterday's "News"), entitled, "Correcting the Record: Uncovering Regulators' False Narrative of 2008." It says, "The regulators who are campaigning for structural changes in money market funds are building their case in part on distortions, exaggerations, and misunderstandings about money market funds, their investors, and their role in the financial markets. Given what's at stake -- the grave damage that funds, their investors, and the economy would suffer if concepts promoted by some at the Securities and Exchange Commission (SEC) go forward -- it's crucial that the record be clear and accurate. Today, we're looking at a set of myths that have embedded themselves firmly in regulators' statements -- the false narrative of the 2008 financial crisis. The farther we get from those events, the more determined regulators are to claim that money market funds were at the center of the crisis -- a tale that, at best, is incomplete and misleading."

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