I 

118TH CONGRESS 

1ST SESSION H. R. 6783 

To protect the investment choices of investors in the United States, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 14, 2023 

Mr. SESSIONS (for himself and Mr. VICENTE GONZALEZ of Texas) introduced 

the following bill; which was referred to the Committee on Financial Services 

A BILL 

To protect the investment choices of investors in the United 

States, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Capital Markets Fi5 nancing and Economic Growth Investments Act of 2023’’. 

6 SEC. 2. TREATMENT OF MONEY MARKET FUNDS UNDER 

7 THE INVESTMENT COMPANY ACT OF 1940. 

8 The Investment Company Act of 1940 (15 U.S.C. 

9 80a–1 et seq.) is amended by adding at the end the fol10 lowing: 

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1 ‘‘SEC. 66. MONEY MARKET FUNDS. 

2 ‘‘(a) ELECTION TO BE A STABLE VALUE MONEY

3 MARKET FUND.— 

4 ‘‘(1) IN GENERAL.—Any open-end investment 

5 company (or a separate series thereof) that is a 

6 money market fund that relies on section 270.2a–7 

7 of title 17, Code of Federal Regulations, may, in the 

8 prospectus included in its registration statement 

9 filed under section 8 state that the company has 

10 elected to compute the current price per share, for 

11 purposes of distribution or redemption and repur12 chase, of any redeemable security issued by the com13 pany by using the amortized cost method of valu14 ation, or the penny-rounding method of pricing, re15 gardless of whether its shareholders are limited to 

16 natural persons, if— 

17 ‘‘(A) the objective or principal investment 

18 strategy of the company is not inconsistent with 

19 the generation of income and preservation of 

20 capital through investment in short-term, high21 quality debt securities; 

22 ‘‘(B) the board of directors of the company 

23 elects, on behalf of the company, to maintain a 

24 stable net asset value per share or stable price 

25 per share, by using the amortized cost valuation 

26 method, as defined in section 270.2a–7(a) of 

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1 title 17, Code of Federal Regulations (or suc2 cessor regulation), or the penny-rounding pric3 ing method, as defined in section 270.2a–7(a) 

4 of title 17, Code of Federal Regulations (or suc5 cessor regulation), and the board of directors of 

6 the company has determined, in good faith, 

7 that— 

8 ‘‘(i) it is in the best interests of the 

9 company, and its shareholders, to do so; 

10 and 

11 ‘‘(ii) the money market fund will con12 tinue to use such method or methods only 

13 as long as the board of directors believes 

14 that the resulting share price fairly reflects 

15 the market-based net asset value per share 

16 of the company; and 

17 ‘‘(C) the company will comply with such 

18 quality, maturity, diversification, liquidity, and 

19 other requirements, including related procedural 

20 and recordkeeping requirements, as the Com21 mission, by rule or regulation or order, may 

22 prescribe or has prescribed as necessary or ap23 propriate in the public interest or for the pro24 tection of investors to the extent that such re25 quirements and provisions are not inconsistent 

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1 with this section or with the ability of the com2 pany to maintain a stable net asset value per 

3 share or stable price per share by using either 

4 the amortized cost method or the penny-round5 ing method of pricing. 

6 ‘‘(2) EXEMPTION FROM MANDATORY LIQUIDITY

7 FEE REQUIREMENTS.—Notwithstanding section 

8 270.2a–7 of title 17, Code of Federal Regulations 

9 (or successor regulation), no company that makes 

10 the election under paragraph (1) shall be subject to 

11 the mandatory liquidity fee requirements of section 

12 270.2a–7(c)(2)(ii) of title 17, Code of Federal Regu13 lations (or successor regulation). 

14 ‘‘(b) CONTINUING OBLIGATION TO MEET REQUIRE15 MENTS OF THIS TITLE.—A company that makes an elec16 tion under subsection (a)(1) shall remain subject to the 

17 provisions of this title and the rules and regulations of 

18 the Commission thereunder that would otherwise apply if 

19 those provisions do not conflict with the provisions of this 

20 section.’’. 

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1 SEC. 3. PROHIBITION AGAINST MANDATORY PRICING OR 

2 FEES FOR A REGISTERED OPEN-END COM3 PANY. 

4 Section 22 of the Investment Company Act of 1940 

5 (15 U.S.C. 80a–22) is amended by adding at the end the 

6 following: 

7 ‘‘(h) PROHIBITION AGAINST MANDATORY PRICING

8 OR FEES FOR A REGISTERED OPEN-END COMPANY.— 

9 ‘‘(1) IN GENERAL.—The Commission and any 

10 securities association registered under section 15A of 

11 the Securities Exchange Act of 1934 are prohibited 

12 from promulgating, interpreting, or enforcing rules 

13 or guidance, or issuing orders of general applica14 bility, that would impose, directly or indirectly, any 

15 requirement upon a registered open-end company, 

16 for the purpose of accomplishing the ends prescribed 

17 in subsection (a), with the effect of requiring— 

18 ‘‘(A) adjustment to the company’s current 

19 net asset value per share; 

20 ‘‘(B) calculation and application of dif21 fering share prices as between redeeming and 

22 purchasing shareholders; 

23 ‘‘(C) adoption, calculation, or use of man24 datory fees on shareholder transactions or 

25 transacting shareholders; or 

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1 ‘‘(D) adoption or use of any measures eco2 nomically similar to the foregoing. 

3 ‘‘(2) RULE OF CONSTRUCTION.—Nothing in 

4 this subsection may be construed to prevent a reg5 istered open-end company from voluntarily adopting 

6 any measure described under subparagraph (A) 

7 through (D) of paragraph (1).’’. 

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