Reuters writes "SEC's Gallagher skeptical on money market fund reforms". It says, "A key securities regulator expressed skepticism on Wednesday about the need for more sweeping money market fund reforms, saying that the effect of new rules implemented last year in response to the 2008 financial crisis is still unknown." Daniel Gallagher commented, "We cannot know what risks money market funds pose unless ... we have a clearer understanding of the effects of the commission's 2010 money market reforms. Any rulemaking in this space could be premature and possibly unnecessary." Reuters adds, "Gallagher's comments, which came at a U.S. Chamber of Commerce event on SEC reform, mark a contrast to those made by SEC Chairman Mary Schapiro a month ago in a major speech she made to the brokerage industry.... But Gallagher on Wednesday said he was a bit wary of new rules establishing capital buffers for money market funds, noting that such a plan could kill the industry." See the full speech, "SEC Reform After Dodd-Frank and the Financial Crisis" by [SEC] Commissioner Daniel M. Gallagher.
