(Bloomberg)--The Securities and Exchange Commission is supposed to help protect investors from the risk of financial crises (among other things), so it's disappointing that the agency is planning to exempt many money-market mutual funds from regulations that would serve this purpose.

Like other mutual funds, money-market funds issue shares and pay dividends. Unlike stock and bond funds, the money funds peg the value of their shares at $1 and offer people the convenience of a typical checking account, except with higher yields. This threatens the safety of the financial system.

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