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Patrick Toomey

Suggested Safeguards Irk Fund Industry

"FOR a moment last week, watching the Senate Banking Committee hearings on money market mutual fund reforms, I thought I had fallen into a time warp. As Mary L. Schapiro, the chairwoman of the Securities and Exchange Commission, outlined proposals meant to ensure that taxpayers would never need to bail out a money fund, some of the sharp questioning she received had a depressingly familiar ring.