Hearing on Money Market Funds (with Summary of the Hearing by Delta Strategy Group)

The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing titled, “Examining the SEC’s Money Market Fund Rule Proposal.” The hearing focused on the Securities and Exchange Commission’s (“SEC”) June 5, 2013, rule proposal to reform the regulation of money market mutual funds (“MMMFs”). The proposal focuses on three options: a floating net asset value (“NAV”) for institutional prime funds, the adoption of a “fees and gates” alternative, or a combination of the two.

The following witnesses testified:

  • The Honorable Steven N. McCoy, Treasurer, State of Georgia, on behalf of the National Association of State Treasurers
  • The Honorable Sheila Bair, Chair, Pew Charitable Trusts, Systemic Risk Council
  • Ms. Marie Chandoha, President and Chief Executive Officer, Charles Schwab Investment Management Inc.
  • Mr. James Gilligan, Assistant Treasurer, Great Plains Energy, on behalf of the U.S. Chamber of Commerce
  • Mr. Paul Schott Stevens, President & CEO, Investment Company Institute

See:  Summary of hearing by Delta Strategy Group.
See also: Webcast of hearing; SIFMA Comments on SEC MMF Proposal (September 19, 2013); Investment Company Institute Comments to SEC Regarding Money Market Funds (September 19, 2013); Committee on Financial Services to Examine SEC’s Money Market Fund Rule Proposal (September 17, 2013); SEC Proposes in the Federal Register Money Market Fund Reform and Amendments to Form PF; Comments Due September 17th (June 20, 2013); SEC Proposes Money Market Fund Reforms (June 7, 2013); SEC Open Meeting: Money Market Fund Reform (with link to Delta Strategy Description of SEC Meeting) (June 6, 2013).