Bruce Bent, chairman of
Bent agrees that the SECs proposed amendments to Rule 2a-7 will force money market funds to become better skilled at assessing credit risk. The effect of the rule, Bent said in a letter to the SEC, will either be increased credit expertise at money fund providers or a winnowing of the funds offered, both of which would increase the integrity of money market funds.
Bent is in the minority in the mutual fund industry; a number of large fund companies, including