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Friday, November 9, 2012

FSOC to Hold Meeting on MMMF Industry Reform

The Financial Stability Oversight Council (FSOC) will hold an open meeting next Tuesday to discuss proposed recommendations to reform the money market mutual fund industry and other topics, the Treasury Department said late today.

The FSOC is considering the recommendations after SEC Chairman Mary Schapiro in August cancelled a vote on issuing a reform proposal because a majority of commissioners opposed the measure.

Treasury Secretary Timothy Geithner, who chairs the FSOC, urged the council in a Sept. 27 letter to take up MMF reform. The FSOC should issue for comment MMF reform options and, after considering the comments, make a recommendation to the SEC, Geithner said.

Geithner explained the SEC would be required under the Dodd-Frank Act to adopt the recommendation or explain to the FSOC why it had failed to act.

Read Treasury’s meeting announcement.
Read Geithner’s letter.

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