The Securities and Exchange Commission plans to issue a proposed rule on money market funds "in very short order," said SEC Chairman Mary Schapiro on Monday, which would reduce the funds' susceptibility to runs.
Schapiro said this latest round of money market fund reforms by the agency would include two regulations: instituting a capital buffer and floating NAVs.
Speaking at the Securities Industry Financial Markets Association (SIFMA) annual meeting in New York, Schapiro said she wants to make "substantial progress" on the SEC's initiative to reform money market funds that the regulator has undertaken with the Financial Stability Oversight Council (FSOC).
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
