The $2.6 trillion money market fund industry might not be free much longer of the post-crisis strictures that the Securities and Exchange Commission chairman tried, and failed, to impose earlier this year.

The Financial Stability Oversight Council, a board of top US regulators established by the Dodd-Frank financial overhaul, approved several recommendations to overhaul money market funds in an open meeting on Tuesday. The aim of the council's push is to prevent runs on money market funds during a financial crisis, as happened in 2008 when Lehman Brothers filed for bankruptcy protection.