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Monday, June 25, 2012

Schapiro Pushes for July Money Fund Vote

News summary by MFWire's editors

Mary Schapiro is pushing for an SEC (Securities and Exchange Commission) vote on new rules governing money market funds. The Wall Street Journal reported on the the SEC chairman's push on Friday. The decision to vote would be decided on possibly this week with the actual vote taking place in late July.

The paper cited "government officials familiar with the matter" as its source but provided no names.

Schapiro is pushing for the vote with the goal of "breaking a monthslong impasse" between the four commissioners, according to the paper. That task would involve swinging at least one more commissioner to her side.

Three dissenters on the rules are Republican SEC Commissioners Daniel Gallagher and Troy Paredes, and Democrat Luis Aguilar. The trio have argued that there is insufficient evidence that a money-fund rules change is needed.

If the rules do not pass an initial vote, the Financial Stability Oversight Council would have the ability to act on the issue, though the paper cites officials as saying that they are not aware of any formal discussion of pending FSOC action on money funds.

The FSOC is a panel created by the 2010 Dodd-Frank Act.

Schapiro seeks that funds float their NAVs or restrict shareholders from redeeming shares at once and that they hold a capital buffer. 

Edited by: Sean Hanna, Editor in Chief

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