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Thursday, September 27, 2012

Geithner Asks the FSOC to Move on Money Funds

Reported by Chris Cumming

Mary Schapiro's money market reforms have just been jolted back to life.

U.S. Treasury Secretary and chairman of the Financial Stability Oversight Council (FSOC) Tim Geithner today formally requested that the council recommend the money market reforms that Schapiro failed to press through last month.

The FSOC is empowered by Dodd-Frank to make the SEC adopt its recommendations, or explain in writing why it won't.

Geithner proposed that the ten-member FSOC recommend the two reform proposals that Schapiro put forward, as well as a third option involving enhanced liquidity standards combined with liquidity fees or temporary "gates" on redemptions. Geithner's letter also asks for public comment on other alternatives.

Geithner asks the council to "accelerate their evaluations of these alternatives" and be ready to issue its recommendations at a meeting in November.

The FSOC will meet tomorrow in a closed session, chaired by Geithner.

The PDF of Geithner's letter is available here

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