Securities regulators on Wednesday voted unanimously to propose reforms that would target a portion of the $2.6 trillion money market fund industry, aiming to reduce the risk that panicked investors might abruptly withdraw their money in times of stress.

The Securities and Exchange Commission's two-pronged proposal would require prime funds used by institutional investors to move to a floating net asset value from a stable value.

It would also allow fund boards of all non-government funds to impose a combination of liquidity fees and gates during times of stress.

The two alternatives could be adopted alone or jointly.

(Reporting by Sarah N. Lynch; Editing by Jeffrey Benkoe)