“A new effort to avert the problems that hit money market funds during the financial crisis is already attracting criticism for not going far enough while winning praise from advocates of the money fund industry.

All five members of the Securities and Exchange Commission voted on Wednesday to move forward with a proposal that could force some money market funds to abandon the fixed value of $1 a share that has made them so popular with many investors.

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A few leading advocates of stricter financial regulation said that the proposals in Wednesday’s report were not likely to do away with the current risks that money market funds pose to the financial system.

“It is really worse than no reform at all because it’s false comfort,” said Dennis M. Kelleher, the president and chief executive of Better Markets. “It’s like putting in a nice shiny fire alarm system in a building that doesn’t work.”

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