Business

SEC votes to end $1 a share for some money funds

By Washington Examiner
Published July 23, 2014 7:34pm ET
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SEC votes to end $1 a share for some money funds
The Securities and Exchange Commission. | (AP)

WASHINGTON (AP) — Regulators have voted by a narrow margin to end a longtime staple of the investment industry — the fixed $1 share price for money-market mutual funds — at least for some money funds used by big investors.

The idea is to minimize the risk of a mass withdrawal from the funds during a financial panic.

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