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February 12, 2013
14:29 EDTBEN, TROW, FIIFederal Reserve presidents support money market mutual fund reform in letter
The presidents of the twelve Federal Reserve Banks have submitted a joint letter responding to the Financial Stability Oversight Council's proposal on money market mutual fund reform, according to an announcement posted to the site of the Federal Reserve Bank of Boston. The twelve Reserve Bank presidents support the Council's efforts to address the structural vulnerabilities of MMFs. They also agree with the Council's determination that MMFs' activities and practices could create or increase the risk of liquidity and credit problems spreading through the financial system. In the letter, the Reserve Bank presidents discuss the risks associated with MMF activities and practices, focus on issues that should be addressed as part of any reform proposal, such as enhancing the accuracy of market-based net asset values, present observations on each of the three reform alternatives in the Council’s proposal, discuss why standby liquidity fees and temporary redemption gates would not address financial stability risks, and concur with the Council that more than one alternative could address the financial stability concerns posed by MMFs – for example, fund sponsors could be permitted to offer both a floating NAV fund and separately a stable NAV fund with a capital buffer or a buffer coupled with a Minimum Balance at Risk. The Fly notes that Federated Investors (FII) CEO Christopher Donahue has been an outspoken opponent of an effort to impose new regulations on the industry. Reference Link
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