Christopher Donahue is mad as hell and he's not going to take it anymore. Federated Investors' [profile] CEO says he will block the rule changes for mutual funds planned by the Securities and Exchange Commission by seeking legal action, Bloomberg reports.

Specifically, Donahue said he would take legal action under the Administrative Procedures Act to fight the SEC'S plans to eliminate money funds' stable $1 share price and to combine capital buffers and a 30-day holdback of a portion of all redemptions. Donahue reportedly argues that these moves could destroy the $2.7 trillion cash-management industry. 

Edited by: HFD


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