Who Will Regulate Money Market Funds?

Will the SEC ever adopt tougher regulations for money market funds, in the face of intense industry resistance?  If not, will Treasury or the Fed seek other ways to regulate MM funds?  According to the Wall St. Journal, federal regulators are looking for a Plan B in the event the SEC does not act and considering whether the Financial Stability Oversight Council could take on the task.  WSJ, Regulators Seek Plan B on Money Funds