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John Bogle, the founder of Vanguard Group who popularized index-based investing, said proposed rules for money-market mutual funds don’t go far enough to protect investors and the financial system.

The U.S. Securities and Exchange Commission’s June 5 proposal to make only the riskiest money funds, known as prime funds, adopt a floating share price is a “compromise” forced by the fund industry’s resistance to reform, Bogle said Thursday at the Morningstar Investment Conference. Regulators should force all money funds to float their share price, he said.

“The fact is money-market fund net-asset values fluctuate and they don’t want to let the world know,” Bogle said, referring to fund-company execs.

Regulators have debated how to make money funds safer since the 2008 collapse of the $62.5 billion Reserve Primary Fund.