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Friday, September 12, 2008

Bent Sides With SEC 's Money Fund Proposal

by: Neil Anderson, Managing Editor

The Reserve chairman Bruce Bent I just landed a cozy spot in the Wall Street Journal, thanks to the ongoing debate over money fund regulation. In Friday's Fund Track column (login required), Daisy Maxey highlights Bent's outspoken support for an SEC proposal to stop basing money market fund investment permission on credit ratings and require those funds boards to evaluate "minimal credit risk" themselves.

Bent, who co-founded the first money market fund with the late Henry B. R. Brown nearly 40 years ago (see MFWire, August 15, 2008), penned a letter to the SEC last week supporting the proposed change, arguing that it "would increase the integrity of money-market funds." But opposition to the proposal has already come from the ICI (see MFWire, September 5, 2008), Vanguard chairman and then-CEO John Brennan (see MFWire, August 22, 008) and many others (see MFWire, August 29, 2008). 

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