ICI Comments on SEC Decision
A statement entitled, "ICI Comments on SEC Decision to Halt Official Agency Consideration of Money Market Fund Proposals," says, "In response to Securities and Exchange Commission (SEC) Chairman Mary Schapiro's statement that the agency will not meet to consider money market fund regulatory changes, ICI President and CEO Paul Schott Stevens made the following comment: "The Investment Company Institute and all its members have the utmost respect for Chairman Schapiro and the work that she, her fellow Commissioners, and all the SEC staff do to benefit investors. We have worked collaboratively with the SEC on regulatory issues for many years, and we will continue to do so. Like hundreds of other organizations that have submitted their views, we have strongly opposed the structural changes to money market funds under consideration at the SEC, because of the adverse consequences of these proposals for investors, issuers and the economy. The exhaustive record before the Commission clearly does not support these changes. We are pleased with the recent announcement that the Commission will not be pursuing them further." In another comment, the U.S. Chamber of Commerce says, "We applaud Commissioners Aguilar, Gallagher and Paredes for their decision to preserve this essential cash management tool utilized by organizations and individuals across the country -- ranging from retailers and manufacturers to mayors and state treasurers. The Chamber agrees that it is important to first examine the effectiveness of the current regulatory regime, including the changes implemented in 2010. This approach is not only wise but good government."
