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Inside Washington (06/22/2012)
  • WASHINGTON (6/25/12)--Both Democratic and Republic lawmakers on Thursday questioned whether new regulations on money market funds are needed to protect to consumers in the event of a future financial crisis. The reforms are advocated by Securities and Exchange Commission Chairman Mary Schapiro, who appeared before the Senate Banking Committee. Senators argued that the money market fund industry contains little risk and has demonstrated resilience over time (American Banker June 22). Schapiro noted that during the 2008 financial crisis one money market fund's value fell below $1 per share, and the federal government took measures to support the industry. Schapiro presented two options for reform. Under one alternative, the share prices of funds would float based on the value of their underlying assets. Under the other option, the funds would maintain a level value, but they would require capital buffers, and restrictions or fees could be placed on exemptions …


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