Treasury Department and the Federal Reserve

Canada Goose Jackets SEC commissioners dig in over money fund reforms Canada Goose Jackets

canada goose coats Securities and Exchange Commission said they were by the agency chairman comments in her push to reform money market funds, and called for new ideas such as giving funds more discretion to limit withdrawals in times of crisis. canada goose coats

canadian goose jacket In a statement issued Tuesday, commissioners Daniel Gallagher and Troy Paredes also said they not intend to abdicate our responsibility to regulate money market canada goose black friday sale funds. Analysts said that could make it harder for other bodies like the Financial Stability Oversight canada goose factory sale Council to tackle the issue, as SEC Chairman Mary Schapiro had suggested last week. canadian goose jacket

canada goose clearance sale The comments also showed the logjam at SEC over what to do about the funds, one of the most sensitive questions coming out of the financial crisis. Joan Ohlbaum Swirsky, a Philadelphia attorney who specializes in money funds, said she could not recall such a fierce debate at the financial regulator. canada goose clearance sale

buy canada goose jacket cheap haven seen them canada goose coats on sale come to this kind of a gridlock, she said. buy canada goose jacket cheap

canada goose deals On canada goose uk shop August 22 Schapiro acknowledged that uk canada goose outlet she lacked the votes on the five member SEC to move forward with a proposal she said would cheap Canada Goose strengthen the $2.5 trillion industry, which plays canada goose clearance sale a key role in the financial system as a major buyer of corporate and government debt. canada goose deals

cheap Canada Goose Schapiro an Independent had sought changes like requiring the funds to build up capital buffers or to move away from their policy of maintaining $1 per share net asset value. cheap Canada Goose

canada goose On Tuesday, in response to the SEC dissidents, Schapiro defended her process and said in a statement that she and her staff had in fact aimed to seek public comments on the very idea of withdrawal canada goose clearance limits. canada goose

canada goose store regulators are now in a uk canada goose position to consider the Commissioners views as they Canada Goose Parka evaluate additional steps to be taken, she said. Treasury Department and the Federal Reserve, but canada goose coats the fund industry has fiercely opposed new reforms. It is unclear what moves other regulators might make, and November elections could change the political landscape. canada goose store

canada goose clearance Schapiro has had an ally on money fund reforms in buy canada goose jacket cheap SEC Commissioner Elisse Walter, a Democrat. But the other Democrat on the Canada Goose Online body and the swing vote, Luis Aguilar, last week canada goose store made clear he did not want to act without a deeper study of the cash management industry whose investors, he worried, could be spooked even by small money fund reform steps. canada goose clearance

canada goose coats on sale Aguilar dissent showed sharp divisions Canada Goose Outlet at the SEC, and in their statement canada goose on Tuesday their first extensive comments on the matter the two Republican commissioners made the disagreements seem even more forceful. canada goose coats on sale

Canada Goose online Schapiro statement on August 22, they wrote, the misimpression that three Commissioners a majority of the Commission are not canada goose uk outlet concerned with, or are somehow dismissive of, the goal of strengthening money market funds. This is wholly canada goose uk black friday inaccurate, they wrote. Canada Goose canada goose outlet online

The pair continued Canada Goose Jackets that Schapiro proposal flawed because it is premised on an incomplete perspective on the 2008 financial crisis.

Canada Goose Parka At the time one of the industry best known funds, Reserve Primary Fund, failed to maintain the $1 per share value investors expect and the buck, dragged down by heavy holdings in the collapsed Lehman Brothers. Another 21 funds canadian goose jacket would likely have done the same without support from their sponsors, the Federal Reserve found in a Canada Goose sale study this month, and several government backstops were rushed into Canada Goose online place. Canada Goose Parka

Canada Goose Outlet Schapiro SEC had already agreed on rule changes in 2010 to make the funds more liquid and transparent. debt ceiling debate. Canada Goose Outlet

They wrote they would consider further reforms and studies Canada Goose Coats On Sale and asked for staff reviews. In particular, they said the agency should consider what they called gating That would allow fund boards to restrict redemptions without having to liquidate funds, cheap canada goose uk as is now required, and not coupled with buffers.

the Chairman buy canada goose jacket dismissed this approach, they wrote, airing out what had been an internal, but long running, disagreement.

Canada Goose sale Jerry Klein, managing director of Treasury Partners, a New York investment adviser that invests assets in money funds for corporate clients, said the statement shows there is still room for the SEC to take further steps. Canada Goose sale

buy canada goose jacket But it also shows the opposition that other agencies would face if they tried to encroach on the SEC oversight of the funds, Klein said. buy canada goose jacket

canada goose black friday sale Of the two commissioners, Klein said, clearly see money funds as their jurisdiction, and people whose responsibility it is to regulate banks and other parts of the financial system should stay in those markets canada goose black friday sale.

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