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. 
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 ‘‘Capital Markets Fi-
nancing and Economic Growth Investments Act of 2023’’. 
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–1 et seq.) is amended by adding at the end the fol-
lowing: 
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‘‘SEC. 66. MONEY MARKET FUNDS. 
‘‘(a) ELECTION TO BE A STABLE VALUE MONEY 
MARKET FUND.— 
‘‘(1) IN GENERAL.—Any open-end investment 
company (or a separate series thereof) that is a 
money market fund that relies on section 270.2a–7 
of title 17, Code of Federal Regulations, may, in the 
prospectus included in its registration statement 
filed under section 8 state that the company has 
elected to compute the current price per share, for 
purposes of distribution or redemption and repur-
chase, of any redeemable security issued by the com-
pany by using the amortized cost method of valu-
ation, or the penny-rounding method of pricing, re-
gardless of whether its shareholders are limited to 
natural persons, if— 
‘‘(A) the objective or principal investment 
strategy of the company is not inconsistent with 
the generation of income and preservation of 
capital through investment in short-term, high- 
quality debt securities; 
‘‘(B) the board of directors of the company 
elects, on behalf of the company, to maintain a 
stable net asset value per share or stable price 
per share, by using the amortized cost valuation 
method, as defined in section 270.2a–7(a) of 
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title 17, Code of Federal Regulations (or suc-
cessor regulation), or the penny-rounding pric-
ing method, as defined in section 270.2a–7(a) 
of title 17, Code of Federal Regulations (or suc-
cessor regulation), and the board of directors of 
the company has determined, in good faith, 
that— 
‘‘(i) it is in the best interests of the 
company, and its shareholders, to do so; 
and 
‘‘(ii) the money market fund will con-
tinue 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; and 
‘‘(C) the company will comply with such 
quality, maturity, diversification, liquidity, and 
other requirements, including related procedural 
and recordkeeping requirements, as the Com-
mission, by rule or regulation or order, may 
prescribe or has prescribed as necessary or ap-
propriate in the public interest or for the pro-
tection of investors to the extent that such re-
quirements and provisions are not inconsistent 
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with this section or with the ability of the com-
pany to maintain a stable net asset value per 
share or stable price per share by using either 
the amortized cost method or the penny-round-
ing method of pricing. 
‘‘(2) EXEMPTION FROM MANDATORY LIQUIDITY 
FEE
REQUIREMENTS.—Notwithstanding 
section 
270.2a–7 of title 17, Code of Federal Regulations 
(or successor regulation), no company that makes 
the election under paragraph (1) shall be subject to 
the mandatory liquidity fee requirements of section 
270.2a–7(c)(2)(ii) of title 17, Code of Federal Regu-
lations (or successor regulation). 
‘‘(b) CONTINUING OBLIGATION TO MEET REQUIRE-
MENTS OF THIS TITLE.—A company that makes an elec-
tion under subsection (a)(1) shall remain subject to the 
provisions of this title and the rules and regulations of 
the Commission thereunder that would otherwise apply if 
those provisions do not conflict with the provisions of this 
section.’’. 
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