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Oversight Council Suggests Mutual Fund Reforms

Posted on 11/14/2012

The Financial Stability Oversight Council yesterday released three proposed recommendations to reform the money market mutual fund industry. Treasury Secretary Timothy Geithner had urged the Council to take up the issue after the Securities and Exchange failed to move forward with a reform proposal in August.

The FSOC's three proposed recommendations would require funds to float their net asset values, rather than fixing values at $1 a share; hold a stable net asset value and maintain a buffer of capital to absorb day-to-day fluctuations in value; or keep a risk-based net asset value buffer of 3 percent combined with other measures to increase their resilience.

There will be a 60-day public comment period on the proposed recommendations

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