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Thursday, August 23, 2012

Chairman Schapiro Speaks Out on Money Market FundRegulation

SEC Chairman Mary Schapiro released a statement this morning on her delay of a vote to reform money market fund regulation:
Three Commissioners, constituting a majority of the Commission, have informed me that they will not support a staff proposal to reform the structure of money market funds. The proposed structural reforms were intended to reduce their susceptibility to runs, protect retail investors and lessen the need for future taxpayer bailouts. I -- together with many other regulators and commentators from both political parties and various political philosophies -- consider the structural reform of money markets one of the pieces of unfinished business from the financial crisis.
Chairman Schapiro reviews the history of money market funds, the role they played in the 2008 financial crisis, and some alternatives for reform.

Read the statement.

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