After an 8-week winning streak which saw money fund assets rise by $72 billion, assets declined slightly in the latest week. ICI's "Money Market Mutual Funds" report says, "Total money market mutual fund assets decreased by $1.89 billion to $2.693 trillion for the week ended Wednesday, January 4, the Investment Company Institute reported today. Taxable government funds decreased by $6.88 billion, taxable non-government funds decreased by $700 million, and tax-exempt funds increased by $5.69 billion." In other news, the U.S. Chamber of Commerce has drafter a letter to the "Financial Stability Oversight Council urging regulators to avoid making additional regulatory changes that would fundamentally alter the nature of money market funds, undermining their usefulness to businesses." Please contact Kristin Angus (202-463-5502) to have your company included on the letter. The Chamber adds, "On February 8, we are hosting a fly-in to discuss the impact of reforms to money market funds with the SEC, the Federal Reserve, other regulators, and congressional staff. The morning will kick-off with an event at the Chamber bringing together corporate treasurers and other members of the business community to discuss current reform proposals. To RSVP, contact Leigh Stapleton (202-463-5374)."
