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Rating:Paulson Weighs in on Money Fund Reform as House GOP Seeks Rule Delays Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 06, 2012

Paulson Weighs in on Money Fund Reform as House GOP Seeks Rule Delays

News summary by MFWire's editors

Money fund reforms may still end up coming, but not just yet. House Republicans are attempting to delay the regulatory plan so the Securities and Exchange Commission can study the potential new rules before they go into effect.

Andrew Ackerman reported the story for the Wall Street Journal.

Separately, Bloomberg reports that former Treasury Secretary Hank Paulson is throwing his weight against Schapiro's reforms. Paulson sent an excerpt from his 2010 book to the SEC which now appears on the SEC Web site. The excerpt details Treasury's experience with the money fund run in the fall of 2008.

Meanwhile, in Congress one House Republican aide told Ackerman the SEC hadn't shown the effectiveness of previous reforms or proven new regulations were needed.

Ackerman noted that SEC chairwoman Mary Schapiro, along with officials in the Federal Reserve and the Treasury Department, consider money funds to be among the weak links of the financial system. 

Edited by: Sean Hanna, Editor in Chief

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