WASHINGTON - The Securities and Exchange Commission is likely to vote soon on a plan to tighten credit quality standards for tax-exempt money market funds that will differentiate between holdings in governmental and conduit bonds, SEC Chairman Arthur Levitt, Jr., told Congress yesterday.

Levitt made the announcement at an oversight hearing on the nation's $1.9 trillion mutual and money market fund industry that was conducted by the Senate Banking Committee's subcommittee on securities.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.