State and local governments, SIFMA and other groups are asking the Securities and Exchange Commission to either exempt municipal money market funds from proposed regulatory reform, or scrap the reforms completely. "SIFMA strongly believes the SEC should specifically exempt municipal money market funds from both the floating [net asset value] and the liquidity fee and redemption gate proposals for money market funds," said SIFMA's Leslie Norwood. Meanwhile, Fidelity Investments, Charles Schwab and BlackRock have asked the SEC for other changes to its reform plan. Industry groups are set to appear before the House Financial Services Committee today to warn lawmakers of the dangers of overregulating money-market funds.
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