Today's New York Times writes "A Third Option for Regulators in the Money Market Fund Fight". It says, "[T]he commission dropped [potential money fund] reforms last week, after it became clear that a majority of its commissioners weren't going to vote for the reforms. This was a big win for the mutual fund industry, which says some reforms made in 2010 are sufficient. The industry also argues the latest reforms would needlessly damage a popular investment product. The regulators, however, may be able to effectively override the S.E.C. They can do that by involving the Financial Stability Oversight Council, a special committee of senior regulators set up after the crisis by the Dodd-Frank financial overhaul legislation.... After the money fund reforms were blocked at the S.E.C., much speculation began on how the council might act. At first, there appeared to be two separate paths laid out in Dodd-Frank. But both had drawbacks for the regulators. Now, a third option may exist. And it appears to get around the headaches involved in the other two. The council, which is chaired by the Treasury secretary, Timothy F. Geithner, and has publicly backed the S.E.C.'s money fund reforms, is scheduled to meet toward the end of September."

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