SEC Head Touts Money Market Reform In Banking Committee

Law360, New York (June 21, 2012, 1:57 PM EDT) -- U.S. Securities and Exchange Commission Chairwoman Mary Schapiro appeared Thursday before the Senate Banking Committee to defend her contentious proposal to tighten regulation of money market mutual funds, an early victim of the financial crisis.

Schapiro testified in support of a floating net asset value and additional capital requirements — moves designed to prevent a repeat of September 2008, when a run on money market funds deepened the credit crisis. The proposal has drawn fierce opposition from industry groups and a majority of the SEC’s top...
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