Regional Fed presidents stand their ground on MMFs
The 12 presidents of the Federal Reserve's regional banks are pushing for money market funds (MMFs) to reveal more information about the fluctuations in their share prices, and yesterday urged the Securities and Exchange Commission (SEC) to impose stricter regulations on the market.
The SEC laid out two alternative ways of reforming the funds in a proposal in June. It said it was open to the possibility of adopt either one in isolation, or a combination of the two.
The first would force "prime
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