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Fed Leaders Call for Broader Move on Money Funds

"The leaders of all 12 regional Federal Reserve banks said Thursday that a regulatory plan to rein in the $2.6 trillion money-market mutual-fund industry doesn't go far enough to address risks posed by the funds.

"The regional Fed presidents called on the Securities and Exchange Commission to expand a key portion of its plan for tightening rules on the types of funds prone to investor runs during the 2008 financial crisis, saying the SEC's current approach 'seems imprudent.'