For the better part of two years, Mary Schapiro told anyone who would listen that the federal government could not afford another bailout and that the money market mutual fund industry would have to backstop itself.

Even though the chairman of the Securities and Exchange Commission had already overseen a covey of changes in 2010 that were designed to improve the resiliency of such funds in times of stress, she never strayed from pursuit of much more fundamental reform. The most controversial and most opposed: Letting the stated value of a share in such funds float, every day. Let the stated value unequivocally equate to the net value of the underlying assets.

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