On November 16th, the Senate Banking Committee's Subcommittee on Securities, Insurance, and Investment held a hearing on the progress of management and structural reforms at the SEC. All SEC division heads testified, including Eileen Rominger, Director of the Division of Investment Management. In her remarks, Ms. Rominger highlighted the susceptibility of money market funds to runs and discussed the Division's "extensive oversight and surveillance of money market funds" through the review of detailed monthly portfolio holdings data that money market funds have been required to submit since November 2010. Ms. Rominger stated in her written testimony that this data enables the Division of Investment Management to "monitor trends in money market funds' portfolio exposures, liquidity levels and average maturities" and discuss these trends and associated risks with the Commission and FSOC staff. Ms. Rominger's written testimony states that the Division continues to discuss other options for further reforming money market fund regulations.
A webcast of the hearing and written testimony of the witnesses is available here.