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ARTICLE · 30 AUGUST 2012

SEC Statement On Money Market Fund Reforms

Morrison Foerster
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On August 22, 2012, SEC Chairman Mary Schapiro announced that three of the five SEC Commissioners, constituting a majority of the Commission, had informed her that they would not support a staff proposal to reform money market funds.

United StatesFinance and Banking
Jay Baris
Jay Baris
Oliver Ireland
Oliver Ireland
Kelley Howes
Kelley Howes
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On August 22, 2012, SEC Chairman Mary Schapiro announced that three of the five SEC Commissioners, constituting a majority of the Commission, had informed her that they would not support a staff proposal to reform money market funds. As a result, the Chairman canceled the Commission's consideration of controversial money market fund reforms.

The proposal would have been the second phase of the Chairman's oft-stated plan that she said would reduce money market funds' susceptibility to runs, protect retail investors, and lessen the potential need for future bailouts. In her statement, Chairman Schapiro urged other policymakers to consider ways to address what she perceives to be systemic risks posed by money market funds.

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