The Investment Company Institute and the chairman of the ICI Money Market Working Group, William McNabb, who is also the chief executive officer of Vanguard, are speaking out against the Financial Stability Oversight Council’s meeting yesterday to discuss money market fund regulation.

In a statement, McNabb said: “It’s deeply disappointing that the Council has proceeded without giving due weight to the views of fund sponsors, investors, and the issuers who depend upon money market funds for vital financing.”

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