,,ii  #aad? ,,congress  #a/ ,session    
,s4 #ahjb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #af1 #bjae ,mr4  
,toomey 7= himself1 ,mr4 ,man*91 ,mr4   
,crapo1 & ,mr4 ,m55dez7 introduc$ !     
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to protect 
! inve/m5t *oices ( ,am]ican inve/ors1 &
 = o!r purposes4  #a4 ,%ort title  ,?is 
,act may be cit$ z ! ,consum] ,f9ancial 
,*oice & ,capital ,m>kets ,protection   
,act ( #bjae4  #b4 ,treatm5t ( money    
m>ket funds "u ! ,inve/m5t ,company ,act
 ( #aidj ,! ,inve/m5t ,company ,act (   
#aidj 7#ae ,u4,s4,c4 #hj;a et seq47 is  
am5d$ by add+ at ! end ! foll[+3  #ff4  
,money m>ket funds  7a7 ,election ,to be
 treat$ z money m>ket fund ,not)/&+ any 
o!r provision ( ?is title1 any op5-end  
inve/m5t company 7or a sep>ate s]ies    
!re(7 may elect1 9 its regi/ration      
/atem5t fil$ "u section #h1 to be a     
money m>ket fund & may compute ! curr5t 
price p] %>e1 = purposes ( di/ribution  

or r$emption & repur*ase1 ( any         
r$eemable security issu$ by ! company   
us+ ! amortiz$ co/ me?od ( valuation1 or
 ! p5ny-r\nd+ me?od ( pric+1 reg>dless (
 :e!r its %>ehold]s are limit$ to       
natural p]sons1 if--  7#a7 ! company or 
s]ies has z its objective ! g5]ation (  
income & pres]vation ( capital ?r\gh    
inve/m5t 9 %ort-t]m1 high-quality debt  
securities2  7#b7 if ! company or s]ies 
elects to ma9ta9 a /able net asset value
 p] %>e or /able price p] %>e1 by virtue
 ( ! amortiz$ co/ valuation me?od1 z t  
t]m is def9$ 9 section                  
#bgj4b;a-#g7;a77#b7 ( title #ag1 ,code (
 ,f$]al ,regulations1 z 9 effect on !   
date ( enactm5t ( ?is section1 & 9      
accordance ) ! requirem5ts specifi$ )   
respect to ! use ( ! amortiz$ co/       
valuation me?od z set =? 9 t section1 z 
9 effect on ! date ( enactm5t ( ?is     
section1 or ! p5ny-r\nd+ pric+ me?od1 z 
t t]m is def9$ 9 section                
#bgj4b;a-#g7;a77#ba7 ( title #ag1 ,code 
( ,f$]al ,regulations1 z 9 effect on !  

date ( enactm5t ( ?is section1 & 9      
accordance ) ! requirem5ts specifi$ )   
respect to ! use ( ! p5ny-r\nd+ pric+   
me?od z set =? 9 t section1 z 9 effect  
on ! date ( enactm5t ( ?is section1 !   
bo>d ( directors ( ! company has        
det]m9$1 9 good fai?1 t--  7,a7 x is 9 !
 be/ int]e/s ( ! company or s]ies1 & its
 %>ehold]s1 to d s2 &  7,b7 ! money     
m>ket fund w cont9ue to use su* me?od or
 me?ods only z long z ! bo>d ( directors
 believes t ! result+ %>e price fairly  
reflects ! m>ket-bas$ net asset value p]
 %>e ( ! company or s]ies2 &  7#c7 !    
company or s]ies agrees to comply ) su* 
quality1 maturity1 div]sification1 &    
liquidity requirem5ts1 includ+          
reasonable proc$ural & recordkeep+      
requirem5ts & provisions relat+ to      
liquidity fees & re/rictions on         
r$emptions1 z ! ,commission1 by rule or 
regulation or ord]1 may prescribe or has
 prescrib$ z necess>y or appropriate 9 !
 public int]e/ or = ! protection (      
inve/ors to ! ext5t t su* requirem5ts & 

provisions are n inconsi/5t ) ?is       
section4  7b7 ,prohibition aga9/ ,f$]al 
,gov]nm5t bail\ts ( money m>ket funds   
7#a7 ,def9itions ,9 ?is subsection--    
7,a7 ! t]m cov]$ ,f$]al assi/ance means 
,f$]al assi/ance us$ = ! purpose (--    
7i7 mak+ any loan to1 or pur*as+ any    
/ock1 equity int]e/1 or debt obligation 
(1 any money m>ket fund2  7ii7 gu>antee+
 any loan or debt issuance ( any money  
m>ket fund2 or  7iii7 ent]+ into any    
assi/ance arrangem5t 7includ+ tax       
breaks71 loss %>+1 or pr(it %>+ ) any   
money m>ket fund2 &  7,b7 ! t]m ,f$]al  
assi/ance means-- 7i7 insurance or      
gu>antees by ! ,f$]al ,deposit          
,insurance ,corporation2  7ii7          
transactions involv+ ! ,secret>y ( !    
,treasury2 or  7iii7 ! use ( any        
advances f any ,f$]al ,res]ve cr$it     
facility or disc\nt w9d[ t is n "p ( a  
program or facility ) broad-bas$        
eligibility e/abli%$ 9 unusual or exig5t
 circum/ances4  7#b7 ,prohibition       
,not)/&+ any o!r provision ( law        

7includ+ regulations71 cov]$ ,f$]al     
assi/ance may n be provid$ directly to  
any money m>ket fund4  7c7 ,disclosure (
 ! prohibition aga9/ ,f$]al ,gov]nm5t   
bail\ts ( money m>ket funds ,no pr9cipal
 und]writ] ( a r$eemable security issu$ 
by a money m>ket fund nor any deal] %all
 (f] or sell any su* security to any    
p]son unless ! prospectus ( ! money     
m>ket fund & any adv]tis+ or sales      
lit]ature = su* fund prom95tly discloses
 ! prohibition aga9/ direct cov]$ ,f$]al
 assi/ance z describ$ 9 subsection 7b74 
,! ,commission may1 aft] consultation ) 
& tak+ into acc\nt ! views ( ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 !  
,f$]al ,deposit ,insurance ,corporation1
 & ! ,dep>tm5t ( ! ,treasury1 adopt     
rules & regulations1 & issue ord]s      
consi/5t ) ! protection ( inve/ors1     
prescrib+ ! mann] 9 :i* ! disclosure "u 
?is subsection %all be provid$4  7d7    
,cont9u+ obligation ,to meet requirem5ts
 ( ?is title ,a company t elects to be a
 money m>ket fund 9 accordance )        

subsection 7a7 or is o!rwise a money    
m>ket fund op]at+ 9 accordance ) ! rules
 & regulations ( ! ,commission          
applicable to money m>ket funds %all    
rema9 subject to ! provisions ( ?is     
title & ! rules & regulations ( !       
,commission !reund] t w\ld o!rwise apply
 to a regi/]$ op5-end company1 z long z 
^? provisions d n conflict ) !          
provisions ( ?is section4  4