Congress Likely to Probe Money Market Funds Over Greek Exposure

A Congressional hearing on the mutual fund industry this week will likely put money market funds under scrutiny for any holdings of Greek debt and other euro zone investments. The House Financial Services Committee announced June 3 that its capital markets subcommittee would conduct a standard oversight hearing of the industry this Friday. But the faltering $160 billion Greek financial bailout, launched last year by the European Union and the International Monetary Fund, now threatens to put the industry on the defensive at the hearing -- especially its $2.7 trillion in money market funds, which are supposed to invest mainly in the safest short-term debt securities to protect customers' cash.

.