SEC Head White Passes 1st Test With Money Fund Reforms

Law360, New York (June 5, 2013, 7:12 PM EDT) -- Just two months into the job, U.S. Securities and Exchange Commission Chairman Mary Jo White succeeded where her predecessor Mary Schapiro failed, pushing forward new rules for the $2.6 trillion money market fund industry in a show of compromise and political savvy, attorneys say.

The SEC's five commissioners voted unanimously to propose a rule that aims to reduce the likelihood of a run on institutional prime money market funds like the one that occurred during the 2008 financial crisis. An effort by Schapiro to introduce harder-line...
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