Publication: New York Times
Author: Edward Wyatt
11/13/2012 – WASHINGTON — A council of top financial regulators, upset with the Securities and Exchange Commission for failing to strengthen rules governing money market mutual funds since the financial crisis, is trying to force the S.E.C. to adopt stricter regulations.
The Financial Stability Oversight Council, a group of 10 regulators that includes the S.E.C. chairwoman, voted Tuesday to offer three distinct alternatives and said it would recommend one or a combination of those to the S.E.C. for adoption.
The options, which mirror recent changes that failed to gain enough support to pass the five-member commission, include having money funds establish a floating net asset value, replacing the steady $1-a-share price that funds use now, or forcing the funds to set aside more cash to absorb possible losses in the value of its holdings.
Read the full article, Money Fund Reform Has Top Support, on the New York Times website.