The Financial Services Institute is among many financial trade groups breathing a sigh of relief that the Securities and Exchange Commission has backed away from plans to change money market funds.

On Wednesday evening, SEC Chairman Mary Schapiro announced that she would call off the vote, originally scheduled for Aug. 29, which threatened to radically change the ways that money market funds are calculated – which would have a major impact on retirement savings.

The FSI says Schapiro cancelled the vote, having learned that Democratic Commissioner Luis Aguilar had planned to join two Republican Commissioners in voting against the proposal.

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