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After Split Vote, S.E.C. Approves Rules on Money Market Funds
(Photo Credit: Michael Appleton for The New York Times)
By William Alden
Regulators on Wednesday imposed new restrictions on a vast market that played a significant role in the 2008 financial crisis.
The Securities and Exchange Commission voted 3 to 2 to adopt a set of new rules for money market funds, a $2.6 trillion industry where ordinary individuals and sophisticated institutions alike park their money. The rules come after years of debate among regulators and lobbying from Wall Street.
