Following the Securities and Exchange Commission’s (SEC) approval of its long awaited rules for money market mutual funds, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement noting the SEC’s progress and underscoring the importance of the Financial Stability Oversight Council in moving these rules toward completion.
"I'm pleased that today, the Securities and Exchange Commission has moved forward with reforms intended to prevent systemic contagion in the money market fund industry. As we mark the four-year anniversary of Dodd-Frank this week, this vote justifies the establishment of one of its core components, the Financial Stability Oversight Council (FSOC), which was created to monitor and respond to financial risks that threaten the U.S. economy.
Today the FSOC has proven its importance, by pushing the SEC to regulate money market funds when it was unwilling in the past. I will continue to closely monitor this issue, particularly as the FSOC prepares to analyze the effectiveness of these new rules, and ensure the SEC has closed contagion's door."