SEC Chairman Mulling Money Market Reform Proposal

Law360, New York (June 28, 2012, 4:26 PM EDT) -- The chairman of the U.S. Securities and Exchange Commission is pushing ahead with her efforts to reform the $2.6 trillion money market industry despite opposition from insiders, announcing to a U.S. House of Representatives panel Thursday that a draft rule is circulating at the SEC.

The draft that is currently being reviewed internally at the SEC proposes two potential plans that funds could choose, and Chairman Mary Schapiro told the House Committee on Oversight and Government Reform at Thursday's hearing that, while a majority of the...
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