The Securities and Exchange Commission today approved controversial reforms to institutional money-market funds that may affect how pension funds invest cash reserves.

The reforms passed 3-2. Commissioner Louis Aguiliar, who voted in favor of the reforms, said in a statement during the SEC's open meeting that the process to reform money markets was "one of the most flawed and controversial rulemaking processes the Commission has undertaken."

Commissioner Michael Piwowar, a republican and vocal critic of the reforms, and Commissioner Kara Stein, a democrat, voted against the reforms.

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