US corporate group objects to proposed SEC limits on money-market funds

By Reuters Staff
September 11, 2009

Sept 11 (Reuters) – The U.S. Chamber of Commerce and 20 companies have raised objections to the U.S. Securities and Exchange Commission’s proposed limits on the kinds of debt money-market mutual funds can buy, the Wall Street Journal said, citing a chamber letter to the SEC.

The companies, which include Avon Products Inc and Walt Disney Co, believe the proposed limits may hurt their ability to raise money at a time when bank lending is difficult, according to the paper.

“In many cases, the reduced financing flexibility and increased cost of capital could negatively impact investors in these companies and be directly passed down to consumers in these industries,” the paper quoted the companies as saying in the chamber’s letter to the SEC.

The SEC’s proposal to prohibit money funds from buying anything but the highest-rated securities is aimed at reducing risk in the $3.8 trillion money-fund industry, according to the paper.

The U.S. Chamber of Commerce and the SEC could not be immediately reached for comment by Reuters.

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