In comments to the press, both SEC Chairman Elisse Walter and Commissioner Daniel Gallagher stated that a money market fund reform proposal is moving forward at the Commission. According to Commissioner Gallagher, commissioners are reviewing a "term sheet" outlining a potential course of action. "I think there is a path forward developing," Gallagher said.
Chairman Walter also discussed her plans for the future. She said she would remain chairman until Mary Jo White is confirmed by the Senate, but hasn’t decided how long she’ll remain at the SEC once White becomes a commissioner.