The Investment Company Institute, which lobbied heavily against money market regulatory changes that were supported by Securities and Exchange Commission Chairman Mary Schapiro, said it was "pleased" that the commission was dropping its plans to pursue those changes.
ICI President and CEO Paul Schott Stevens said, "Like hundreds of other organizations that have submitted their views, we have strongly opposed the structural changes to money market funds under consideration at the SEC, because of the adverse consequences of these proposals for investors, issuers and the economy. The exhaustive record before the Commission clearly does not support these changes. We are pleased with the recent announcement that the Commission will not be pursuing them further."
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