I 
117TH CONGRESS 
2D SESSION 
H. R. 9089 
To protect the investment choices of investors in the United States, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 30, 2022 
Mr. WILLIAMS of Texas (for himself and Ms. MOORE of Wisconsin) 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 ‘‘Consumer Financial 
Choice and Capital Markets Protection Act of 2022’’. 
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) DEFINITIONS.—In this section— 
‘‘(1) the term ‘covered Federal assistance’ 
means Federal assistance used for the purpose of— 
‘‘(A) making any loan to, or purchasing 
any stock, equity interest, or debt obligation of, 
any money market fund; 
‘‘(B) guaranteeing any loan or debt 
issuance of any money market fund; or 
‘‘(C) entering into any assistance arrange-
ment (including tax breaks), loss sharing, or 
profit sharing with any money market fund; 
and 
‘‘(2) the term ‘Federal assistance’ means— 
‘‘(A) insurance or guarantees by the Fed-
eral Deposit Insurance Corporation; 
‘‘(B) transactions involving the Secretary 
of the Treasury; or 
‘‘(C) the use of any advances from any 
Federal Reserve credit facility or discount win-
dow that is not part of a program or facility 
with broad-based eligibility established in un-
usual or exigent circumstances. 
‘‘(b) ELECTION TO BE A STABLE VALUE MONEY 
MARKET FUND.— 
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‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of this title, any open-end investment com-
pany (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 pro-
spectus included in its registration statement filed 
under section 8 state that the company or series 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 or series by using the amortized cost method 
of valuation, or the penny-rounding method of pric-
ing, regardless of whether its shareholders are lim-
ited to natural persons, if— 
‘‘(A) the objective or principal investment 
strategy of the company or series is not incon-
sistent with the generation of income and pres-
ervation of capital through investment in short- 
term, high-quality debt securities; 
‘‘(B) the board of directors of the company 
or series elects, on behalf of the company or se-
ries, 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 title 17, Code of Federal 
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Regulations (or successor regulation), or the 
penny-rounding pricing method, as defined in 
section 270.2a–7(a) of title 17, Code of Federal 
Regulations (or successor regulation), and the 
board of directors of the company has deter-
mined, in good faith, that— 
‘‘(i) it is in the best interests of the 
company or series, 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 or series; and 
‘‘(C) the company or series will comply 
with such quality, maturity, diversification, li-
quidity, and other requirements, including re-
lated procedural and recordkeeping require-
ments, as the Commission, by rule or regulation 
or order, may prescribe or has prescribed as 
necessary or appropriate in the public interest 
or for the protection of investors to the extent 
that such requirements and provisions are not 
inconsistent with this section. 
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‘‘(2) EXEMPTION
FROM
DEFAULT
LIQUIDITY 
FEE
REQUIREMENTS.—Notwithstanding 
section 
270.2a–7 of title 17, Code of Federal Regulations 
(or successor regulation), no company or series that 
makes the election under paragraph (1) shall be sub-
ject to the default liquidity fee requirements of sec-
tion 270.2a–7(c)(2)(ii) of title 17, Code of Federal 
Regulations (or successor regulation). 
‘‘(c) PROHIBITION AGAINST FEDERAL GOVERNMENT 
BAILOUTS
OF
MONEY
MARKET
FUNDS.—Notwith-
standing any other provision of law (including regula-
tions), covered Federal assistance may not be provided di-
rectly to any money market fund. 
‘‘(d) DISCLOSURE OF THE PROHIBITION AGAINST 
FEDERAL GOVERNMENT BAILOUTS OF MONEY MARKET 
FUNDS.— 
‘‘(1) IN GENERAL.—No principal underwriter of 
a redeemable security issued by a money market 
fund nor any dealer shall offer or sell any such secu-
rity to any person unless the prospectus of the 
money market fund and any advertising or sales lit-
erature for such fund prominently discloses the pro-
hibition against direct covered Federal assistance as 
described in subsection (c). 
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‘‘(2) RULES, REGULATIONS, AND
ORDERS.— 
The Commission may, after consultation with and 
taking into account the views of the Board of Gov-
ernors of the Federal Reserve System, the Federal 
Deposit Insurance Corporation, and the Department 
of the Treasury, adopt rules and regulations and 
issue orders consistent with the protection of inves-
tors, prescribing the manner in which the disclosure 
under this subsection shall be provided. 
‘‘(e) CONTINUING OBLIGATION TO MEET REQUIRE-
MENTS OF THIS TITLE.—A company or series that makes 
an election under subsection (b)(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.’’. 
Æ 
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