August 23, 2012
SEC Scraps Staff Proposal to Reform Money Market Funds
There will be no money market fund reform anytime soon, as SEC Chairman Schapiro released this statement yesterday:
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.
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