On Friday, fundsters presented
Larry Fink's money fund reform plan to the SEC and Treasury.
Last week
Bloomberg and Dow Jones reported that fundsters from
ICI, Fink's
BlackRock [
profile] and other mutual fund shops were meeting Friday with the SEC to push an alternative money fund reform proposal. Now Nathaniel Popper of the
New York Times reports that fundsters from
Fidelity [
profile] and
Vanguard [
profile] were part of the negotiations, which involved meetings with both the SEC and the Treasury Department.
The plan under discussion, similar to one of three proposals from Treasury Secretary and FSOC chief
Tim Geithner, would allow money funds to charge shareholders a 100 basis-point redemption fee in times of trouble. Both SEC officials and Geithner's Undersecretary for Domestic Finanace,
Mary Miller, met with fundsters on Friday.
So how did the meetings go? SEC spokesman John Nester told the
Times that "there were many questions asked" and that "neither the chairman [money fund reform advocate
Mary Schapiro] nor the staff gave any indication of their views on the presentation." Treasury spokesman Anthony Coley told the
Times after Miller's meeting that the Treasury "continues to be receptive to alternative approaches to reform" money funds. 
Edited by:
Neil Anderson, Managing Editor
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