33 members of Congress have rallied oppose new money market mutual fund regulations. The Wall Street Journal reports that former mayors and state treasurers, 18 Republicans and 15 Democrats, signed a letter sent to Securities and Exchange Commission (SEC) chairman Mary Schapiro.

The effort was spearheaded by the Investment Company Institute (ICI).

"We ask that the Commission take into full consideration the important role MMFs play in our municipal economies and not do anything that would make it more difficult or expensive for states, towns and cities to raise capital," the letter reads.

Among the lawmakers that signed the letter were representatives Richard Neal, a Massachusetts Democrat and former mayor of Springfield, and Jim Moran, a Virginia Democrat and Alexandria's former mayor. 

Edited by: HFD


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