Alice Joe, senior director of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness writes in "Floating More Reform Could Sink an Industry". He says, "It's been over a year since the Dodd-Frank Act was signed into law and hundreds of rules are still being written. American businesses are constantly struggling to figure out how each proposed rule might affect them, and it's also putting a burden on the regulators who are tasked with writing and implementing these rules. Despite the months and years left of work ahead, there's another rule that wasn't even a part of Dodd-Frank that's starting to become a hot topic of debate -- money market funds. Last month, SEC Chairman Mary Schapiro singled out money market fund reform as the sole topic of her remarks at a conference in Washington. Many were surprised that she didn't choose to talk about those hundreds of other Dodd-Frank mandated rules that the SEC is in the midst of promulgating. We don't know for sure the Chairman's rationale for doing so, but what was adamantly clear from her speech was that regulatory changes to money market funds are coming. And soon. But just yesterday, newly confirmed SEC Commissioner Dan Gallagher declared at a Chamber event that 'We cannot know what risks money market funds pose unless ... we have a clearer understanding of the effects of the commission's 2010 money market reforms. Any rulemaking in this space could be premature and possibly unnecessary.'" The Center for Capital Markets Competitiveness also published a primer entitled, "Money Market Funds: Helping Businesses Manage Cash Flow".
