Ex-Fed’s Volcker pans money-market funds


Paul Volcker, a former chairman of the Federal Reserve who now advises President Barack Obama, has said money-market mutual funds have an unfair advantage over their banking peers because they are not subject to as stringent regulation.

Volcker told Bloomberg, a news agency, in an interview published on Tuesday that the funds, now supervised by the Securities and Exchange Commission, should be subjected to the same regulatory burden as banks

"Banks remain the functioning heart of the financial

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