If money-market funds had to maintain capital reserves, industry representatives argued, yields to investors would decline and the industry’s profits would suffer. And, if retail investors saw their money-market funds’ values declining from the amount that they had invested, and if they knew that they could not get all of their money back immediately, the funds would become less attractive.
在共有基金行业的有力游说下，委员会的大多数委员否决了这些提案。那些行业的代理人认为，如果货币市场基金需要保持资本储本金的话，投资者的收益和行业的利润都将受损。同时如果零售投资者发现原本投资的货币市场基金价值出现了下跌，如果他们知道自己无法迅速把自己的钱赎回来，那么这些基金的吸引力就会下降。投资者会选择其他地方来配置自己的多余现金，比如银行。