[ by Howard Haykin ] SEC Chairman Mary Schapiro is not one to shy away from a challenge - even if some of her biggest critics are those closest to her, namely SEC Commissioners.  Anyway, SEC staffers prepared the 337-page tome that contains a the staff proposal to require the $2.5 trillion money-market fund ("MMF") industry to float share prices or hold more capital and curb redemptions, according to someone familiar with the proposal.  The Commissioners received their copies on Monday, 6/25. The proposal may put the SEC on course for a clash among Commissioners and with the industry. The plan won’t advance if the 3 commissioners, who have already raised concerns about its impact on money funds, hold firm.  They are the 2 Republican-nominated Commissioners, Troy Paredes and Daniel Gallagher, and the third is Luis Aguilar, the 2nd-term Democratic Commissioner, who reportedly is often a swing vote on commission proposals. While Mr. Parades and  Mr. Gallagher are opposed to additional regulation for money-market funds, Mr. Aguilar has expressed concern about the impact on the industry of changes in money-market fund rules. Nevertheless, if Ms. Schapiro is able to win enough support from her Commissioners to release the proposal for public comment, she and the SEC would next face renewed opposition from the U.S. Chamber of Commerce and Federated Investors Inc. CEO Christopher Donahue, who has threatened to sue if a rule is ultimately adopted. The latest proposal tracks ... with provisions Ms. Schapiro outlined in testimony last week before the Senate Banking Committee.  It also includes multiple questions for the public, the people said. Supporting Chairman Schapiro are Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner. John Nester, an SEC spokesman, declined to comment on the proposal. [Bloomberg, 6/28/12]