IB 
Union Calendar No. 699 
115TH CONGRESS 
2D SESSION 
H. R. 2319 
[Report No. 115–903] 
To protect the investment choices of investors in the United States, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 3, 2017 
Mr. ROTHFUS (for himself, Ms. MOORE, and Mr. STIVERS) introduced the 
following bill; which was referred to the Committee on Financial Services 
AUGUST 24, 2018 
Additional sponsors: Ms. SEWELL of Alabama, Mr. TROTT, Mr. SIRES, Mr. 
MESSER, Mr. TIBERI, Mr. ROSS, Mr. DAVID SCOTT of Georgia, Ms. 
KELLY of Illinois, Ms. EDDIE BERNICE JOHNSON of Texas, Mr. 
MOOLENAAR, Mr. MURPHY of Pennsylvania, Mrs. BEATTY, Mr. MEEKS, 
Mr. MICHAEL F. DOYLE of Pennsylvania, Mr. MOONEY of West Virginia, 
Mr. GONZALEZ
of Texas, Mr. WILLIAMS, Mr. MACARTHUR, Mr. 
PITTENGER, Mr. CLAY, Mr. THOMPSON of Pennsylvania, Mr. CLEAVER, 
Ms. SINEMA, Mr. KILDEE, Mr. KELLY of Pennsylvania, Mr. SESSIONS, 
Mr. RYAN of Ohio, Mr. GOTTHEIMER, Mr. BUDD, Mr. LAWSON of Flor-
ida, Mr. OLSON, Mr. FITZPATRICK, Mr. RENACCI, Mr. HASTINGS, Mr. 
HILL, Mr. TIPTON, Mrs. WAGNER, Ms. FUDGE, Mr. FLORES, Mr. SHU-
STER, Mr. FARENTHOLD, Ms. JACKSON LEE, Mr. DENT, Mr. DAVIDSON, 
Mr. ZELDIN, Mr. SEAN
PATRICK
MALONEY
of New York, Mr. 
BARLETTA, Mr. KUSTOFF of Tennessee, Mr. BARR, Mr. EMMER, Mr. 
SMITH of Texas, Mr. ESTES of Kansas, Mr. DANNY K. DAVIS of Illinois, 
Mr. ARRINGTON, Mr. LONG, Mr. PERRY, Mr. EVANS, Mr. BRENDAN F. 
BOYLE of Pennsylvania, Mr. BABIN, Mr. MARINO, Mr. BRADY of Penn-
sylvania, Mr. SMUCKER, Mr. VELA, Mr. FASO, Mr. DONOVAN, Mr. HIG-
GINS of New York, Mr. MCCAUL, Mr. NORCROSS, Mr. WALBERG, Mr. 
CRAMER, and Mr. CARTWRIGHT 
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AUGUST 24, 2018 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on May 3, 2017] 
A BILL 
To protect the investment choices of investors in the United 
States, and for other purposes. 
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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 2018’’. 
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 following: 
‘‘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 Federal 
Deposit Insurance Corporation; 
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‘‘(B) transactions involving the Secretary of 
the Treasury; or 
‘‘(C) the use of any advances from any Fed-
eral Reserve credit facility or discount window, 
except to the extent any part of a program or fa-
cility with broad-based eligibility established in 
unusual or exigent circumstances might be made 
available. 
‘‘(b) ELECTION TO BE A STABLE VALUE MONEY MAR-
KET FUND.— 
‘‘(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 pricing, 
regardless of whether its shareholders are limited to 
natural persons, if— 
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‘‘(A) the company or series has as its objec-
tive 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 
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 am-
ortized cost valuation method, as defined in sec-
tion 270.2a–7(a) of title 17, Code of Federal Reg-
ulations (or successor regulation), or the penny- 
rounding pricing method, as defined in section 
270.2a–7(a) of title 17, Code of Federal Regula-
tions (or successor 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 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 
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