Next month the Senate Banking Committee hearing on money market reform will be an opportunity for SEC Chairman Mary Schapiro to defend her proposals. So reports Dow Jones Newswires.

There has been no public announcement on the specifics of the hearing, including its date. But the news service reports that the showdown will take place on June 21. The hearing was initially set for May 15, but was rescheduled after Schapiro added a trip to China to her schedule.

Dow Jones' report passively suggests that "many of the panel's senators are seen as friendly to the fund-industry," though it does not name which Senators or which observers are making the observation.

The reporter does write that the chair of the panel -- Senator Tim Johnson (Dem, S.D.) is seen as neutral on additional reforms.

The article details dissension among the SEC's five commissioners leading to what it sees as an "uphill fight" for Schapiro's wish list of a floating NAV, capital requirements for money funds and a slowed redemption period during runs.

Earlier reports are that a number of firms told SEC officials during a private meeting that they could support a "weaker version" of the 30-day rule. Those firms were reportedly BlackRock Inc. (BLK), Vanguard Group Inc., J.P. Morgan Chase & Co. (JPM) and Invesco Ltd. 

Edited by: Sean Hanna, Editor in Chief


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