Who would have thought Fidelity [profile], the largest provider of money market funds according to Reuters, wouldn't be a fan of money market reform?

Fidelity told the S.E.C. that the reforms would make borrowing costs onerous for U.S. municipalities, increasing the costs by up to $13 billion, Reuters' reports.

Fidelity provided the S.E.C. with a slide presentation as part of the discussion and claimed financing costs for municipalities could increase in the neighborhood of $1 billion to $13 billion, depending on how much money market funding is refinanced with pricier debt, Reuters reports.

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Edited by: Casey Quinlan


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