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SEC Drafting MMF Reform Proposal

During the question and answer follow up to a speech last Wednesday, SEC Commissioner Daniel Gallagher stated that he hopes and expects the SEC to release a money market fund reform proposal in the first quarter of this year.  Gallagher also criticized the FSOC for spending too much time on money market fund reform -- an issue “that falls directly, and solely, within the [SEC’s] regulatory sphere of responsibility” – and too little time on the “bubbles that have the potential to cause another crisis.”  He also complemented Chairman Elisse Walter and said there was a “new spirit” at the Commission to address the money market fund issue.