Fidelity Investments and other major fund managers said the reforms were unnecessary and could drive away investors.

Money fund managers have argued in the past that those kinds of rules would drive away investors.

But simply filing suits can put pressure on fossil fuel companies and potentially drive away investors, they said.

The ruling introduces more risk into the coal industry, which could drive away investors and their limited cash.

Fund firms and some officials worry Schapiro's ideas would drive away investors, and fund firm allies have pushed back.

They say new rules, like a proposed shift away from the traditional $1-per-share value, would drive away investors.

Fund executives worry the changes could drive away investors, and note the funds managed through the 2011 debt limit debate under the current rules.

Fund executives argue that changes made in 2010 have already made the funds more resilient, and they worry further new rules could drive away investors.

Fund officials have pushed back against further rule changes, worried about driving away investors.