In remarks on April 18, 2012, Mary Miller, the Under Secretary for Domestic Finance at the Treasury Department, strongly advocated for additional regulations over money market funds. She noted,
"Both SEC Chairman Mary Schapiro and Federal Reserve Chairman Ben Bernanke have recently expressed concerns with the inherent susceptibility of money market funds to liquidity runs during times of stress. Indeed, money market funds contributed to instability during the financial crisis in 2008 and at the time, the previous Administration was forced to intervene to prevent a widespread run."
Although she admitted that as a result of the SEC's 2010 amendments, money market funds "are more resilient today than they were in the lead-up to the financial crisis," she nonetheless concluded that additional reforms are necessary, both "to improve the stability of the industry and reduce money funds' susceptibility to runs." She went on to add that,
"The SEC and other members of the Financial Stability Oversight Council (FSOC) are actively discussing the most appropriate way to affect this, while preserving the usefulness of these funds for investors and issuers, including those in the municipal market."
The full text of the remarks can be found here: http://www.treasury.gov/press-center/press-releases/Pages/tg1539.aspx