WASHINGTON — All 12 Federal Reserve Bank presidents on Tuesday endorsed efforts by regulators to reform the $2.9 trillion money market mutual fund industry.

In a joint comment letter to the Financial Stability Oversight Council, the Reserve Bank presidents said regulators were right to fix the structural vulnerabilities of money market mutual funds and agreed with the council's assessment that the funds' activities and practices could increase the risk of liquidity and credit problems of spreading across the financial system.

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