Yes, MMFs gave only a low yield, yet even then it was superior to the yield one could get from a federally insured bank account, and it came with liquidity and a great reputation for safety.

FORBES: Money Market Fund Reforms Remains Elusive

Major MMFs typically have large sponsors who are perfectly capable of making their presence felt and their arguments heard in Washington: Invesco (IVZ), Wells Fargo (WFC), and Charles Schwab (SCHW) are among them, as is privately held Fidelity Investments.

FORBES: Money Market Fund Reforms Remains Elusive