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With the advent of the Grant administration, Pollock returned to office and opposed the redemption proposals.
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The opposition also favours the wise men's "redemption fund" proposal.
His proposal closely resembled elements of the European debt redemption fund proposed by the German council of economic experts, however without the key element of joint liability.
That and other proposals, like redemption restrictions, "are likely to spell the end of money market funds as we know them".
But one proposal in particular, redemption option priority, allocates too much to secured creditors relative to our interpretation of current law.
However, the centre right group stressed that it would fully support the principle of a redemption fund only if the proposal were backed by an analysis which the text calls on the Commission to carry out by the end of this year.
He also said that the agency was reconsidering one proposal to impose a special redemption fee on investors who hold mutual funds for short time periods and another that would prohibit investors from selling their fund shares after 4 p.m.
NEW YORK, Feb 7 (Reuters) - The cost for banks and other borrowers to raise funds in short-term markets could jump if regulatory proposals for money market funds result in large redemptions in the industry.
The proposal offers another attempt to prevent a run: a redemption charge.
The proposal would also increase the handling fee paid to grocery stores and redemption centers to 3.5 cents per container from 2 cents to offset the cost of the new wave of returnable bottles.
'Bout redemption".
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