Mary Schapiro, chairman of the Securities and Exchange Commission, is looking to turn $2.6 trillion money-market mutual-fund industry on its head.

The SEC has set a public vote for Aug. 29 in an effort to force all five commissioners to take a public position on the much-anticipated reforms over money funds, the Wall Street Journal reports.

So what’s the final verdict? According to the WSJ, the 337-page proposal would require money funds to allow their net-asset values to float rather than remain fixed at $1 per share, or set aside capital to protect against losses while holding back a portion of shareholders' cash for 30 days when they seek to withdraw all of their money. However, the Aug. 29 deadline date could reportedly be delayed as Schapiro works to gain support.

An SEC spokesman declined to comment on the article. A spokesperson for the Investment Company Institute said: “ICI and scores of groups representing money market fund investors—including businesses, state and local governments, nonprofits, and individual investors—have told the SEC that the structural changes the staff are pursuing will harm investors, disrupt financing and damage the economy.  There’s been a robust dialogue and we hope the Commission will heed it.”

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