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SEC approves tighter money fund rules
U.S. securities regulators on Wednesday took a long-awaited step to reduce risk in the $2.6 trillion money-market mutual-fund industry, completing rules intended to prevent a repeat of an investor stampede out of the funds during the 2008 financial crisis. The Securities and Exchange Commission voted 3-2 on final rules that would require money funds catering to large, institutional investors to abandon their fixed $1 share price and float in value like other mutual funds. The rules also would allow money funds to temporarily block investors from withdrawing their money in times of “This strong reform package will ... (full story)