Political Quotes

“I thank the gentleman for his offer to engage in a colloquy. Mr. Chairman, as you know, money market funds are an important tool used by a variety of different organizations, such as businesses, State and local governments, school districts, pension funds, nonprofits, and more. In fact, it is estimated that between 1985 and 2008, people and organizations that invested in money market funds have earned $450 billion more than they otherwise would have earned. Since the financial crisis, there has been significant discussion about regulating the industry further. In 2010, the Securities and Exchange Commission, or SEC, put in place new rules to prevent future runs by imposing additional disclosure and liquidity standards. Even after these changes, the Federal Reserve, through the Financial Stability Oversight Council, has attempted to usurp the jurisdiction and expertise of the SEC and proposed additional regulations on money markets. While the FSOC has since backed off their proposal, the SEC is poised to vote soon on a rule to impose a floating net asset value on certain funds. I share many of the concerns that commenters on the SEC's rule raised about how a floating net asset value would adversely impact money market funds and the people and organizations that rely on them. In fact, it is worth noting that, of the 1,428 comments on the rule, 98 percent were against the floating net asset value.…”