A group of Federal Reserve officials would like the Securities and Exchange Commission to take another stab at proposed rule changes that would affect the $3 trillion money-market-fund industry. 

Overall, while they support the SEC's attempts to protect investors and address the risks to financial stability posed by money-market mutual funds, they take issue with one of the major aspects of the proposal.

The SEC introduced the reforms in June as a response to how the industry dealt with the financial crisis of 2008. Its proposal includes two ideas that the SEC said could be adopted alone or in combination. Under the first, municipal money market funds would have to move away from a stable, $1 per share price, to a floating net asset value, or NAV. Under this scenario, current amortized cost valuation and penny rounding rules would be eliminated, requiring that money market funds mark their NAV daily.