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Financial services trade groups, including the Investment Company Institute and the Financial Services Institute, sent a joint letter to the Securities and Exchange Commission Tuesday asking the agency to not pursue its proposed changes to money-market funds, saying they would jeopardize Americans’ retirement savings.

The groups told the SEC that they represent the interests of a “significant and broad part of the retirement plan community, including employers and service providers.” Together, the group said, the proposals under consideration, “taken alone or in tandem, would fundamentally alter the structure of money-market funds, rendering them far less desirable—if not unusable—for retirement savers and the plans they participate in.”

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