Jesse Hamilton and Christopher Condon
SEC’s Schapiro seeking ‘structural reform’ of money funds
The Securities and Exchange Commission will soon propose revamping rules for money-market mutual funds, pushing the options of a floating net asset value and capital buffers, SEC Chairman Mary Schapiro said. Regulators have been working to make U.S. money funds safer and more stable since the Sept. 16, 2008, collapse of the $62.5 billion Reserve Primary Fund. Spooked by the fund’s closure, investors withdrew about $310 billion from prime money funds that week, helping to freeze global credit markets.
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