WASHINGTON -- The chairman of the Securities and Exchange Commission last week told Congress that new rules are being contemplated to help head off problems similar to those resulting from the seizure of Mutual Benefit Life Insurance Co.

In a letter to House Energy and Commerce Committee Chairman Rep. John Dingell, D-Mich., SEC Chairman Richard Breeden said the agency had adopted rules in February that were aimed at improving the credit quality of securities purchased for taxable money market funds and that the SEC is studying extending the rules to tax-exempt funds.

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