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Leading U.S. business group opposed to new money fund rules

Dec 13 2012 Aaron Pressman, Reuters

The U.S. Chamber of Commerce, which represents thousands of large and small businesses, told regulators it is opposed to additional reform of money market mutual funds, a significant source of funding for many of its members. Joined by representatives of local governments and non-profit groups, the trade group said in a letter on Wednesday that changes being considered by the Financial Stability Oversight Council would damage the economy. "The regulatory changes being considered will have a significant and adverse impact on the vitality of the organizations that we represent - American businesses, State and local governments, and nonprofits - that rely on (money market mutual funds) as a secure, efficient means to provide short-term funding for business expansion, daily operations, and critical infrastructure maintenance and expansion," the letter said. The chamber has long been opposed to proposals that would require money funds to set aside capital against possible

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