GOP Sen. Urges SEC Action On Money Market Reform

Law360, New York (September 14, 2012, 6:54 PM EDT) -- A prominent Republican in the U.S. Senate on Friday pressed the U.S. Securities and Exchange Commission to continue working on rules to reform the money market mutual funds industry, after internal squabbles doomed a proposal by SEC Chairman Mary Schapiro.

Sen. Bob Corker, R-Tenn, a member of the Senate Banking Committee, said in a letter to Schapiro and the SEC’s other four commissioners that reform was still needed in light of the events of September 2008, when a massive run on money market funds worsened the...
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