Money Market Reform Fails Despite SEC Head's Best Efforts

Law360, New York (August 23, 2012, 5:58 PM EDT) -- In abandoning her controversial bid to reform the $2.6 trillion money market industry, U.S. Securities and Exchange Commission Chairman Mary Schapiro on Thursday suffered a public and potentially embarrassing loss, but experts say she also deserves credit for pushing a public policy she clearly believes in.

For months, Schapiro has been stressing the need to tighten regulations to prevent a repeat of September 2008, when a massive run on money-market mutual funds worsened the credit crisis. She knew she faced an uphill battle, with industry groups,...
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