SEC Adopts Revised Money Fund Rule, But Opponents Aren't Appeased
Also, Ex-Fed Supervision Chief Quarles 'convinced' stress tests are illegal; Warren bashes Biden's regulators over bank mergers
The SEC backed off its controversial demand that money market funds use swing pricing to discourage mass redemptions, but the final rule adopted today wasn’t hailed as a victory by the mutual fund industry. Its primary trade group blasted the commission’s “liquidity fee” alternative as “expensive and complex” within minutes of the 3-2, party-line vote.
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