Profile of ICI's Paul Schott Stevens
A recent article entitled, "Profile: Keeping the peace," which appeared in "The Journal of the Chartered Institute for Securities & Investment," interviews Paul Schott Stevens, president and CEO of the Investment Company Institute. He "reflects on the many crises faced during his time working in the US financial services industry, and explains why an appropriate framework of regulation will be so important moving forward," says the piece. It quotes Stevens on money market funds, "`In August 2007, I got a call from the Securities and Exchange Commission (SEC) -- it was a 'Houston we have a problem' moment." The profile explains, "Issues with money markets and money market funds grew over time, eventually resulting in intervention by the US Treasury Department. Paul was heavily involved in the effort to collect insight from ICI's members that helped to form regulation recommendations for the SEC -- to ensure a crisis on this scale did not happen again. As a result, money market funds were the first part of the US financial system to be reformed during the crisis. 'The Dodd-Frank Act doesn't contain any provision directed to money market funds -- I don't think any other part of the US financial system can say the same thing.'" For more Stevens comments, search for "Schott" on www.cranedata.com or see his past keynotes from Crane's Money Fund Symposium -- "ICI's Stevens Unveils Stable Value Coalition at Crane's MF Symposium (7/27/10) and "ICI's Stevens Says Floating NAV Wrong Approach at Crane's Symposium (6/20/13)." (Note: Our 2017 Money Fund Symposium takes place next week, June 21-23, in Atlanta, Ga. This year's keynote will feature Invesco CEO & President Martin Flanagan.)
