,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #fghc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,decemb] #ad1         
#bjbc,mr4 ,sessions 7= himself & ,mr4   
,vic5te ,gonzalez ( ,texas7 introduc$ ! 
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to protect ! inve/m5t *oices ( 
inve/ors 9 ! ,unit$ ,/ates1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,capital ,m>kets ,f9anc+ & 
,economic ,gr[? ,inve/m5ts ,act ( #bjbc4
  #b4 ,treatm5t ( money m>ket funds "u !
 ,inve/m5t ,company ,act ( #aidj ,!     
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#a et seq47 is am5d$ by 
add+ at ! end ! foll[+3  #ff4 ,money    
m>ket funds  7a7 ,election ,to be a     
/able value money m>ket fund  7#a7 ,9   
g5]al ,any op5-end inve/m5t company 7or 
a sep>ate s]ies !re(7 t is a money m>ket
 fund t relies on section #bgj4b;a-#g ( 
title #ag1 ,code ( ,f$]al ,regulations1 
may1 9 ! prospectus includ$ 9 its       
regi/ration /atem5t fil$ "u section #h  

/ate t ! company has elect$ to compute !
 curr5t price p] %>e1 = purposes (      
di/ribution or r$emption & repur*ase1 ( 
any r$eemable security issu$ by !       
company by 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 
! objective or pr9cipal inve/m5t /rategy
 ( ! company is n inconsi/5t ) !        
g5]ation ( income & pres]vation (       
capital ?r\gh inve/m5t 9 %ort-t]m1      
high-quality debt securities2  7,b7 !   
bo>d ( directors ( ! company elects1 on 
behalf ( ! company1 to ma9ta9 a /able   
net asset value p] %>e or /able price p]
 %>e1 by us+ ! amortiz$ co/ valuation   
me?od1 z def9$ 9 section #bgj4b;a-#g7;a7
 ( title #ag1 ,code ( ,f$]al            
,regulations 7or successor regulation71 
or ! p5ny-r\nd+ pric+ me?od1 z def9$ 9  
section #bgj4b;a-#g7;a7 ( title #ag1    
,code ( ,f$]al ,regulations 7or         
successor regulation71 & ! bo>d (       
directors ( ! company has det]m9$1 9    

good fai?1 t-- 7i7 x is 9 ! be/ int]e/s 
( ! company1 & its %>ehold]s1 to d s2 & 
7ii7 ! 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 ( ! company2 &   
7,c7 ! company w comply ) su* quality1  
maturity1 div]sification1 liquidity1 &  
o!r requirem5ts1 includ+ relat$         
proc$ural & recordkeep+ requirem5ts1 z !
 ,commission1 by rule or regulation or  
ord]1 may prescribe or has prescrib$ z  
necess>y or appropriate 9 ! public      
int]e/ or = ! protection ( inve/ors to !
 ext5t t su* requirem5ts & provisions   
are n inconsi/5t ) ?is section or ) !   
ability ( ! company to ma9ta9 a /able   
net asset value p] %>e or /able price p]
 %>e by us+ ei!r ! amortiz$ co/ me?od or
 ! p5ny-r\nd+ me?od ( pric+4  7#b7      
,exemption f m&atory liquidity fee      
requirem5ts ,not)/&+ section #bgj4b;a-#g
 ( title #ag1 ,code ( ,f$]al            
,regulations 7or successor regulation71 

no company t makes ! election "u        
p>agraph 7#a7 %all be subject to !      
m&atory liquidity fee requirem5ts (     
section #bgj4b;a-#g7;c77#b77;ii7 ( title
 #ag1 ,code ( ,f$]al ,regulations 7or   
successor regulation74  7b7 ,cont9u+    
obligation ,to meet requirem5ts ( ?is   
title ,a company t makes an election "u 
subsection 7a77#a7 %all rema9 subject to
 ! provisions ( ?is title & ! rules &   
regulations ( ! ,commission !reund] t   
w\ld o!rwise apply if ^? provisions d n 
conflict ) ! provisions ( ?is section4  
4  #c4 ,prohibition aga9/ m&atory pric+ 
or fees = a regi/]$ op5-end company     
,section #bb ( ! ,inve/m5t ,company ,act
 ( #aidj 7#ae ,u4,s4,c4 #hj;a-#bb7 is   
am5d$ by add+ at ! end ! foll[+3  7h7   
,prohibition aga9/ m&atory pric+ or fees
 = a regi/]$ op5-,end company  7#a7 ,9  
g5]al ,! ,commission & any securities   
association regi/]$ "u section #ae;,a ( 
! ,securities ,ex*ange ,act ( #aicd are 
prohibit$ f promulgat+1 int]pret+1 or   
en=c+ rules or guidance1 or issu+ ord]s 

( g5]al applicability1 t w\ld impose1   
directly or indirectly1 any requirem5t  
^u a regi/]$ op5-end company1 = !       
purpose ( accompli%+ ! ends prescrib$ 9 
subsection 7a71 ) ! effect ( requir+--  
7,a7 adju/m5t to ! company's curr5t net 
asset value p] %>e2  7,b7 calculation & 
application ( diff]+ %>e prices z betwe5
 r$eem+ & pur*as+ %>ehold]s2  7,c7      
adoption1 calculation1 or use ( m&atory 
fees on %>ehold] transactions or        
transact+ %>ehold]s2 or  7,d7 adoption  
or use ( any measures economically      
simil> to ! =ego+4  7#b7 ,rule (        
con/ruction ,no?+ 9 ?is subsection may  
be con/ru$ to prev5t a regi/]$ op5-end  
company f volunt>ily adopt+ any measure 
describ$ "u subp>agraph 7,a7 ?r\gh 7,d7 
( p>agraph 7#a74  4