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Thursday, October 04, 2012

Want More Opinions on Money Funds? Here You Go

News summary by MFWire's editors

These days, it seems you can add financial media covering money market fund reform to "death and taxes" on the list of sure things.

Sure enough, this week has brought more coverage of the extended fight by various regulatory agencies to change the way these funds work.

First, a Morningstar writer opines on the decision of Treasury Secretary Tim Geithner to ask the Dodd-Frank created Financial Stability Oversight Committee to take up where SEC Chairwoman Mary Schapiro left off.

Morningstar commentator Mercer Bullard doubts the FSOC, a relatively new agency, will want to take on such a tough challenge so early in its existence.

An unsigned Wall Street Journal piece also addresses the issue:
This illustrates that reform by the SEC is likely to be preferable to anything cooked up by Mr. Geithner and his council of bank regulators. Instead of lobbying to block any reform, the industry would be wise to work with Mr. Gallagher and Ms. Schapiro on a floating net-asset-value before it suffers a worse fate.
We may not know how the issue will end yet, but one thing we know for sure: there are plenty of more pixels to be dedicated to the fight before its all over. 

Edited by: Ben Geier

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