The New York Times writes "'Litmus Test' for Regulators Over Money Market Funds". It says, "All eyes are now on the Securities and Exchange Commission, which sits at the center of the battle over money market funds. The S.E.C. has the job of actually devising the overhaul for the funds, and its chairwoman, Mary Jo White, is also a member of the oversight council. The S.E.C. plans to announce and vote on its new rules for money market funds at a meeting on July 23, according to a person briefed on its plans. But the oversight council [FSOC] may be disappointed by much of what it sees." Also, the Association for Financial Professionals writes "Treasurers Weigh Options as Final MMF Vote Looms". It says, "The majority of corporate treasurers and CFOs who responded to the 2014 AFP Liquidity Survey, underwritten by RBS Citizens, indicated that their organizations would significantly alter their investment policies if money market funds receive an overhaul. They may need to start making those changes as early as next week. The Securities and Exchange Commission (SEC) is reportedly set for a final vote on money market fund rule changes as early as July 23, according to several news sources." In other news, Federal Reserve Board of Governors Chair Janet Yellen delivered her semiannual Monetary Policy Report before Congress. Said Yellen, "[W]e have maintained the target range for the federal funds rate at 0 to 1/4 percent and have continued to rely on large-scale asset purchases and forward guidance about the future path of the federal funds rate to provide the appropriate level of support for the economy.... The Committee's decisions about the path of the federal funds rate remain dependent on our assessment of incoming information and the implications for the economic outlook. If the labor market continues to improve more quickly than anticipated by the Committee, resulting in faster convergence toward our dual objectives, then increases in the federal funds rate target likely would occur sooner and be more rapid than currently envisioned."

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