Investment Company Institute (
ICI) chief
Paul Schott Stevens is fighting yet another foe in the money market reform debate. This time Stevens finds himself on the other side of the issue from a top national newspaper: the
Wall Street Journal.
Over the weekend the
WSJ published a letter to the editor from Stevens, in which he attacked the paper for its "blindness" on the issue, responding to an
unsigned editorial last week when then the
WSJ called on the money fund industry to work with the ICI on a floating NAV switch. Stevens has
publicly and vocally opposed certain proposals, like the floating NAV, for quite some time.
Also over the weekend, the
WSJ's Kirsten Grind
updated readers about the state of the ongoing money fund reform fight. On August 22 SEC chairman Mary Schapiro
conceded defeat on her own proposals — then on September 27 U.S. Treasury Secretary
Tim Geithner formally requested that the Financial Stability Oversight Council, which he leads, take up the money fund reform cause where the SEC left off. The
WSJ called that move the first time that the FSOC moved to
"encroach on an independent regulator's turf."
Now
Federated Investors chief
Chris Donahue tells the
WSJ that money market fundsters "are back in the game" of fighting regulators over reform proposals. The paper worries that fundsters "could be a facing a tougher battle this time." 
Edited by:
Neil Anderson, Managing Editor
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