U.S. banking regulators are crowding out the Securities and Exchange Commission (SEC) on money-market mutual fund rules and other decisions that affect how capital markets are overseen, a top securities regulator said today.
Other agencies, including the Federal Reserve, have used the Financial Stability Oversight Council (FSOC) to influence rules for money-market funds and potentially tighter regulation of asset managers, SEC Commissioner Michael Piwowar said. The council recommended new rules for the funds in 2012, after the SEC couldn't agree on a new proposal.
"The FSOC, within which the banking and prudential regulators exert substantial influence, represents an existential threat to the SEC and other member agencies," Piwowar said in a speech to the U.S. Chamber of Commerce.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
