Nine big-city mayors joined a group organized by the U.S. Chamber of Commerce which will oppose the additional rules for money market funds that are being pushed by the SEC, reports Ross Kerber from Reuters.

The SEC is expected to vote on these rules on August 29, 2012.

The mayors believe that the changes would disrupt the market.

"The regulatory changes under discussion at the SEC would significantly undermine the value and utility of (money market funds), discouraging corporate, municipal, and individual investors' use of these types of investment products." reads a copy of the mayors letter.

Some of the mayors that signed the letter were Baltimore's Stephanie Rawlings-Blake, Philadelphia's Michael Nutter, Salt Lake City's Ralph Becker, San Diego's Jerry Sanders and Pittsburg's Luke Ravenstahl.

The letter to the SEC was also signed by 38 local Chambers of Commerce as well as other local business groups.

Some of the vocal funds opposing the SEC proposal are Federated Investments and Fidelity Investments.  

Edited by: HFD


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE