Chamber Seeks Signers for FSOC Letter
The U.S. Chamber of Commerce's Center for Capital Markets Competitiveness is seeking support for a letter-writing campaign to oppose the Financial Stability Oversight Council's (FSOC's) Money Market Fund Reform Proposals. The Chamber's "Money Market Mutual Fund Reform" website says, "The U.S. Chamber of Commerce has organized a comprehensive campaign to ensure that any regulatory action to reform money market fund reforms does not adversely impact businesses' ability to manage cash and raise the capital necessary to drive job creation and economic growth. We are encouraging our members, trade associations, individuals, states, municipalities and local authorities, and others who may be impacted by the changes to join this effort and to TAKE ACTION! Recent Regulatory Activity: The Financial Stability Oversight Council (FSOC) released draft recommendations to the SEC to advance additional regulations for MMMFs. The suggested reforms, including a floating NAV and redemption holdbacks, put forth by the FSOC would fundamentally change, weaken, or even eliminate the product. These changes would adversely impact businesses across every industry, in addition to states and municipalities, who use MMFs as a short-term cash management tool. Tell FSOC not to move forward with these recommendations! FSOC is accepting comments until January 18.... To show the collective opposition to recommendations that would fundamentally alter the structure and nature of money market funds, likely out of existence, the Chamber is organizing a sign on letter that will be filed with FSOC. Click here to add your organization's name to the letter."
