,i #aafth ,,congress #ast ,session ,h4 ,r4 #ddib ,,in ,,the ,,house ,,of ,,representatives ,september #be1 #bjai,ms4 ,moore 7for herself1 ,mr4 ,stivers1 ,mr4 ,hastings1 ,mr4 ,gonzalez of ,texas1 ,mr4 ,michael ,f4 ,doyle of ,pennsylvania1 ,mr4 ,estes1 and ,mr4 ,mooney of ,west ,virginia7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to protect the investment choices of investors in the ,united ,states1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,consumer ,financial ,choice and ,capital ,markets ,protection ,act of #bjai4 #b4 ,treatment of money market funds under the ,investment ,company ,act of #aidj ,the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47 is amended by adding at the end the following3 #ff4 ,money market funds 7a7 ,definitions ,in this section-- 7#a7 the term covered ,federal assistance means ,federal assistance used for the purpose of-- 7,a7 making any loan to1 or purchasing any stock1 equity interest1 or debt obligation of1 any money market fund2 7,b7 guaranteeing any loan or debt issuance of any money market fund2 or 7,c7 entering into any assistance arrangement 7including tax breaks71 loss sharing1 or profit sharing with any money market fund2 and 7#b7 the term ,federal assistance means-- 7,a7 insurance or guarantees by the ,federal ,deposit ,insurance ,corporation2 7,b7 transactions involving the ,secretary of the ,treasury2 or 7,c7 the use of any advances from any ,federal ,reserve credit facility or discount window that is not part of a program or facility with broad-based eligibility established in unusual or exigent circumstances4 7b7 ,election ,to be a stable value money market fund 7#a7 ,in general ,notwithstanding any other provision of this title1 any open-end investment company 7or a separate series thereof7 that is a money market fund that relies on section #bgj4b;a-#g of title #ag1 ,code of ,federal ,regulations1 may1 in the prospectus included in its registration statement filed under section #h state that the company or series has elected to compute the current price per share1 for purposes of distribution or redemption and repurchase1 of any redeemable security issued by the company or series by using the amortized cost method of valuation1 or the penny-rounding method of pricing1 regardless of whether its shareholders are limited to natural persons1 if-- 7,a7 the objective or principal investment strategy of the company or series is not inconsistent with the generation of income and preservation of capital through investment in short-term1 high-quality debt securities2 7,b7 the board of directors of the company or series elects1 on behalf of the company or series1 to maintain a stable net asset value per share or stable price per share1 by using the amortized cost valuation method1 as defined in section #bgj4b;a-#g7;a7 of title #ag1 ,code of ,federal ,regulations 7or successor regulation71 or the penny-rounding pricing method1 as defined in section #bgj4b;a-#g7;a7 of title #ag1 ,code of ,federal ,regulations 7or successor regulation71 and the board of directors of the company has determined1 in good faith1 that-- 7i7 it is in the best interests of the company or series1 and its shareholders1 to do so2 and 7ii7 the money market fund will continue to use such method or methods only as long as the board of directors believes that the resulting share price fairly reflects the market-based net asset value per share of the company or series2 and 7,c7 the company or series will comply with such quality1 maturity1 diversification1 liquidity1 and other requirements1 including related procedural and recordkeeping requirements1 as the ,commission1 by rule or regulation or order1 may prescribe or has prescribed as necessary or appropriate in the public interest or for the protection of investors to the extent that such requirements and provisions are not inconsistent with this section4 7#b7 ,exemption from default liquidity fee requirements ,notwithstanding section #bgj4b;a-#g of title #ag1 ,code of ,federal ,regulations 7or successor regulation71 no company or series that makes the election under paragraph 7#a7 shall be subject to the default liquidity fee requirements of section #bgj4b;a-#g7;c77#b77;ii7 of title #ag1 ,code of ,federal ,regulations 7or successor regulation74 7c7 ,prohibition against ,federal ,government bailouts of money market funds ,notwithstanding any other provision of law 7including regulations71 covered ,federal assistance may not be provided directly to any money market fund4 7d7 ,disclosure of the prohibition against ,federal ,government bailouts of money market funds 7#a7 ,in general ,no principal underwriter of a redeemable security issued by a money market fund nor any dealer shall offer or sell any such security to any person unless the prospectus of the money market fund and any advertising or sales literature for such fund prominently discloses the prohibition against direct covered ,federal assistance as described in subsection 7c74 7#b7 ,rules1 regulations1 and orders ,the ,commission may1 after consultation with and taking into account the views of the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,department of the ,treasury1 adopt rules and regulations and issue orders consistent with the protection of investors1 prescribing the manner in which the disclosure under this subsection shall be provided4 7e7 ,continuing obligation ,to meet requirements of this title ,a company or series that makes an election under subsection 7b77#a7 shall remain subject to the provisions of this title and the rules and regulations of the ,commission thereunder that would otherwise apply if those provisions do not conflict with the provisions of this section4 4