Tags: sec

Changing the ground rules for money market funds is a top-of-the-list action item for Mary Schapiro and her colleagues at the SEC, but the biggest mutual fund industry group says the MMF world is running just fine.

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Schapiro is getting some pushback from fellow SEC commissioners on her efforts to reshape the way money market funds work.

But now the Investment Company Institute -- an umbrella organization for mutual fund companies -- is getting into the fight.

Karrie McMillan, ICI general counsel, tells Investment News that the MMF industry seems to be handling current market conditions just fine.

And if it isn't broken, don't fix it. McMillan suspects that the current MMF structure -- including the unique fixed $1-a-share NAV -- is one of the main reasons that investors haven't abandoned this asset class entirely.

"Fixing" the way these funds report their performance and maintain cash reserves for disasters might only end up wiping them out.