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Designating money market funds as systemically risky would require agreement from at least two-thirds of the council's 10 voting members.
By designating money for affordable housing capital funds, the amendment would establish a true housing trust fund, not one dependent on an annual discretionary appropriation.
Defending his veto, Mr. Bush said the "bloated labor and health spending bill" included more than 2,200 items designating money for lawmakers' pet projects.
Not only will it need to build a detailed case for designating money funds as a risky sector, it will also want to make doubly sure that it properly fulfills its own procedures.
The most obvious next step would be for a council of top regulators, the so-called Financial Stability Oversight Council, to vote on designating money market funds as systemically important, which would pave the way for stricter regulations.
Though Mr. Kirk and other Republicans thundered against pork-barrel spending and lawmakers' practice of designating money for special projects through earmarks, they have not shied from using a less-well-known process called lettermarking to try to direct money to projects in their home districts.
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For decades, it has been common practice for lawmakers to designate money for specific military bases, post offices and waterways.
"Why should we be paying for it?" said Mark Weprin, a Queens Democrat, who recently designated money for protective netting at a public golf course.
In addition, the council could designate money market fund activities as critical to the working of the financial system's plumbing.
Mr. Giuliani criticized the proposal for failing to designate money for his preferred subway project, the extension of the No. 7 line to the West Side of Manhattan.
My mother died in 2001, and in her will she designated money with the hope that I would begin Orphans International.
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