Investment Company Institute president and chief executive officer Paul Schott Stevens said Wednesday that ICI supports one federal proposal on money market fund reform, but strongly opposes the other.

Speaking at Crane Data’s Money Fund Symposium in Baltimore, Md., Stevens said his group supports a Securities and Exchange Commission proposal to impose redemption fees and gates to prevent panic runs on MMFs, but opposes moving to a floating the net asset value. The SEC introduced these options, which could be implemented separately or together or not at all, at an open meeting June 5.

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