A coalition of mayors from across the country is urging Securities and Exchange Commission chairman Mary Jo White to reconsider proposed structural changes to municipal money market mutual funds, especially requiring them to have floating net asset values.

They made their pleas in a Sept. 12 letter to White that was signed by 12 mayors and one group representing a number of Chicago-area cities. The letter stresses the importance of municipal money market funds (MMMFs) to municipalities and warns the chairman that changes could make these funds less attractive to investors and have a detrimental effect on cities’ financial operations.

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