Who would have thought Fidelity
], 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'
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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