SEC spokeswoman Gina Talamona declined to comment.

The proposal was part of the SEC’s response to vulnerabilities exposed by the 2008 crisis, when the $62.5 billion Reserve Primary Fund collapsed and money funds temporarily required a U.S. government guarantee. The Reserve Fund “broke the buck” when its losses on Lehman Brothers Holdings Inc. debt caused the value of its shares to fall below $1, sparking massive investor withdrawals from other prime money funds.

To halt the panic, the Treasury Department guaranteed all money-fund shareholders against losses from default, putting the government on the hook for about $1.6 trillion in corporate and municipal debt, according to estimates by research firm Crane Data LLC.

SEC Chair Mary Jo White is pushing to hold the vote on July 23, the person said. The SEC has been under growing pressure from the Federal Reserve and other U.S. and global regulators to finish the rule.

Details of the rule could still change before the vote, with at least two commissioners having voiced objections to parts of the plan. Commissioner Kara M. Stein, a Democrat, has questioned whether allowing funds to suspend redemptions could exacerbate, instead of reduce, the risk of runs on a fund.

Stein's concerns are consistent with a paper published in April by Federal Reserve economists. They wrote that well-informed investors would preemptively pull out money when they believed a money fund might suspend redemptions after suffering a loss.

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