‘‘(C) the company or series will comply 
with such quality, maturity, diversification, li-
quidity, and other requirements, including re-
lated procedural and recordkeeping requirements, 
as the Commission, by rule or regulation or 
order, may prescribe or has prescribed as nec-
essary or appropriate in the public interest or 
for the protection of investors to the extent that 
such requirements and provisions are not incon-
sistent with this section. 
‘‘(2) EXEMPTION FROM DEFAULT LIQUIDITY FEE 
REQUIREMENTS.— 
‘‘(A) ELECTIONS UNDER PARAGRAPH (1).— 
Notwithstanding section 270.2a–7 of title 17, 
Code of Federal Regulations (or successor regula-
tion), no company or series that makes the elec-
tion under paragraph (1) shall be subject to the 
default liquidity fee requirements of section 
270.2a–7(c)(2)(ii) of title 17, Code of Federal 
Regulations (or successor regulation) unless the 
board of directors of such company or series 
elects, in the prospectus included in the registra-
tion statement filed under section 8, to be subject 
to such requirements. 
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‘‘(B) OTHER FUNDS.—Notwithstanding sec-
tion 270.2a–7 of title 17, Code of Federal Regu-
lations (or successor regulation), a company or 
series that does not make an election under para-
graph (1) shall not be subject to the default li-
quidity fee requirements of section 270.2a– 
7(c)(2)(ii) of title 17, Code of Federal Regula-
tions (or successor regulation), if it states in the 
prospectus included in the registration statement 
filed under section 8, that the company or series 
satisfies the provisions of subparagraphs (A) and 
(C) of paragraph (1) and that the board of direc-
tors of such company or series has elected for the 
company or series to not be subject to the default 
liquidity fee requirements. 
‘‘(c) PROHIBITION AGAINST FEDERAL GOVERNMENT 
BAILOUTS OF MONEY MARKET FUNDS.—Notwithstanding 
any other provision of law (including regulations), covered 
Federal assistance may not be provided directly 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 
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nor any dealer shall offer or sell any such security to 
any person unless the prospectus of the money market 
fund and any advertising or sales literature for such 
fund prominently discloses, on the first page of such 
prospectus or literature, the prohibition against direct 
covered Federal assistance as described in subsection 
(c). 
‘‘(2) RULES, REGULATIONS, AND ORDERS.—The 
Commission may, after consultation with and taking 
into account the views of the Board of Governors of 
the Federal Reserve System, the Federal Deposit In-
surance Corporation, and the Department of the 
Treasury, adopt rules and regulations and issue or-
ders consistent with the protection of investors, pre-
scribing 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.’’. 
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Union Calendar No. 699 
115TH CONGRESS 
2D SESSION 
H. R. 2319 
[Report No. 115–903] 
A BILL 
To protect the investment choices of investors in 
the United States, and for other purposes. 
AUGUST 24, 2018 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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