Securities and Exchange Commission member Danel Gallagher said Thursday in New York that the federal regulator has to go back to the drawing board on making a new set of recommendations for reforming how money market mutual funds are structured.

“We’re going to see’,’ he told Money Management Executive, whether there is now a majority of commissioners ready to vote in favor of a floating net asset value for shares of money market mutual funds. The $1 a share value is the bedrock principle of the $2.7 trillion industry.

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