S 1802 · 114th Congress · Finance and Financial Sector
Consumer Financial Choice and Capital Markets Protection Act of 2015
Bill Progress
✓
Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held.(2016-05-19)
Plain Language Summary
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Consumer Financial Choice and Capital Markets Protection Act of 2015 This bill amends the Investment Company Act of 1940 to authorize any open-end investment company to elect, in its registration statement, to be a money market fund and to compute the current price per share, for purposes of distribution or redemption and repurchase, of any redeemable security issued by the company 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: the company's objective is the generation of income and preservation of capital through investment in short-term, high-quality debt securities; the company elects to maintain a stable net asset value per share or stable price per share, by virtue of such methods, and the board of directors of the company has determined in good faith that it is in the best interests of the company and its shareholders to do so and that the money market fund will continue to use such method(s) only as long as the board believes that the resulting share price fairly reflects the market-based net asset value per share of the company; and the company agrees to comply …
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (3)
2 Democrats1 Republican