Money-market mutual funds aren't insured by the FDIC.
At issue: investors' belief that money funds, which aren't FDIC-insured, are risk-free.
To counter that perception, Schapiro wanted funds to disclose precise changes in their net asset value (NAV) per share; currently they all report $1, but that's because they're allowed to round to the nearest penny.
And to ensure each fund could handle a flood of investor withdrawals if its NAV fell below $1 -- in 2008 one money fund's NAV hit 97ยข -- Schapiro wanted funds to keep a cash cushion on hand.
Even without the proposed changes, it's money funds' "pitifully low" interest rates that should scare you nowadays, says Dallas adviser Charles Sizemore. Put your dough instead in a bank account, he says, where returns are similar and your money is insured. 
| Average yield | Best yield | |
| Taxable money-market funds | 0.02% | 0.1% |
| Bank savings | 0.12% | 1.04% |
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.75% | 3.66% | |
| 15 yr fixed | 2.89% | 2.79% | |
| 5/1 ARM | 2.66% | 2.59% | |
| 30 yr refi | 3.74% | 3.64% | |
| 15 yr refi | 2.89% | 2.79% |
Today's featured rates:
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