The head of the Investment Company Institute minced no words when commenting on the SEC's plans to further tighten money-market fund regulation.

"Fifty-six million investors use these funds. The SEC proposal would be outrageous," InvestmentNews quoted Paul Schott Stevens as saying.

"It would drive a lot of providers out of the business immediately and those left would have a product that no one wants to buy," he said. "Otherwise, it's a great idea."

Click here to see statement released by the ICI's executive committee on March 14.

The InvestmentNews article also includes quotes from Federated Investors CEO Chris Donahue and Nancy Prior, president of Fidelity Investments' money markets group. 

Edited by: Armie Margaret Lee


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