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S.E.C. Proposes Changes in Money Funds

“A new effort to avert the problems that hit money market funds during the financial crisis is already attracting criticism for not going far enough while winning praise from advocates of the money fund industry.

All five members of the Securities and Exchange Commission voted on Wednesday to move forward with a proposal that could force some money market funds to abandon the fixed value of $1 a share that has made them so popular with many investors.