While the financial services industry largely embraced most of the Obama administration's financial services overhaul, the idea of removing money funds' $1 net asset value is causing widespread concern in the mutual fund industry.

"If you float the value of a money fund, you've essentially destroyed the product," said Investment Company Institute President Paul Schott Stevens. "We're going to explain clearly why we believe a fluctuating [NAV] is a very bad idea."

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