Municipal money market funds should not be required to have floating rate net asset values, most of the witnesses and several lawmakers said at a hearing held here on Wednesday by a House Financial Services Committee panel.

Even before the witnesses began speaking at the capital markets subcommittee hearing, Reps. Randy Hultgren, R-Ill., Stephen Lynch, D-Mass., and David Scott, D-Ga., expressed concerns about the impacts the Securities and Exchange Commission’s proposed reforms would have on state and local governments and muni money market funds.

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