I 
114TH CONGRESS 
1ST SESSION H. R. 4216 
To protect the investment choices of American investors, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 10, 2015 
Ms. MOORE (for herself and Mr. STIVERS) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To protect the investment choices of American investors, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Consumer Financial 
Choice and Capital Markets Protection Act of 2015’’. 
SEC. 2. TREATMENT OF MONEY MARKET FUNDS UNDER 
THE INVESTMENT COMPANY ACT OF 1940. 
The Investment Company Act of 1940 (15 U.S.C. 
80a et seq.) is amended by adding at the end the following: 
VerDate Sep 11 2014 
06:30 Dec 11, 2015
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4216.IH
H4216
emcdonald on DSK67QTVN1PROD with BILLS
‘‘SEC. 66. MONEY MARKET FUNDS. 
‘‘(a) ELECTION TO BE TREATED AS MONEY MAR-
KET FUND.—Notwithstanding any other provision of this 
title, any open-end investment company (or a separate se-
ries thereof) may elect, in its registration statement filed 
under section 8, to be a money market fund and may com-
pute the current price per share, for purposes of distribu-
tion or redemption and repurchase, of any redeemable se-
curity issued by the company using the amortized cost 
method of valuation, or the penny-rounding method of 
pricing, regardless of whether its shareholders are limited 
to natural persons, if— 
‘‘(1) the company or series has as its objective 
the generation of income and preservation of capital 
through investment in short-term, high-quality debt 
securities; 
‘‘(2) the company or series elects to maintain a 
stable net asset value per share or stable price per 
share, by virtue of the amortized cost valuation 
method, as that term is defined in section 270.2a– 
7(a)(2) of title 17, Code of Federal Regulations, as 
in effect on the date of enactment of this section, 
and in accordance with the requirements specified 
with respect to the use of the amortized cost valu-
ation method as set forth in that section, as in effect 
on the date of enactment of this section, or the 
VerDate Sep 11 2014 
06:30 Dec 11, 2015
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4216.IH
H4216
emcdonald on DSK67QTVN1PROD with BILLS
penny-rounding pricing method, as that term is de-
fined in section 270.2a–7(a)(21) of title 17, Code of 
Federal Regulations, as in effect on the date of en-
actment of this section, and in accordance with the 
requirements specified with respect to the use of the 
penny-rounding pricing method as set forth in that 
section, as in effect on the date of enactment of this 
section, the board of directors of the company has 
determined, in good faith, that— 
‘‘(A) it is in the best interests of the com-
pany or series, and its shareholders, to do so; 
and 
‘‘(B) the money market fund will continue 
to use such method or methods only as long as 
the board of directors believes that the resulting 
share price fairly reflects the market-based net 
asset value per share of the company or series; 
and 
‘‘(3) the company or series agrees to comply 
with such quality, maturity, diversification, and li-
quidity requirements, including reasonable proce-
dural and recordkeeping requirements and provisions 
relating to liquidity fees and restrictions on redemp-
tions, as the Commission, by rule or regulation or 
order, may prescribe or has prescribed as necessary 
VerDate Sep 11 2014 
06:30 Dec 11, 2015
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H4216.IH
H4216
emcdonald on DSK67QTVN1PROD with BILLS