Financial Stability Oversight Council Extends Comment Period for Proposed Recommendations for Money Market Fund Reform (with Lofchie Comment)

The Financial Stability Oversight Council ("FSOC") announced that it has extended the comment period for proposed recommendations for money market mutual fund ("MMF") reform. At the request of the SEC's Chairman, FSOC voted to extend the comment period until February 15, 2013. The extension is intended to afford the public more time to consider the information in the SEC staff report issued on November 30, 2012.

Prior to this extension, public comments on the proposed recommendations were due by January 18, 2013.

Lofchie Comment: In SEC Commissioner Gallagher's speech, as headlined in today's newsletter, he expressly criticized FSOC for pressuring the SEC to move quickly on rulemaking before the SEC had completed consideration of the issues. See SEC Commissioner Gallagher's Speech: "Perils of False Narratives" (with Lofchie Comment).

Click here to view resolution in full (links externally to Treasury website).Related news item: FSOC Recommendations on Money Market Funds (with Lofchie Comment) (November 19, 2012). See also: SIFMA Submits Comments to the FSOC on Recommendations for Money Market Fund Reform.