A regulatory board created by the Dodd-Frank financial reform could push trillions of dollars into big banks, driving up costs for struggling businesses and the government by doing away with alternative investment accounts, according to industry insiders.
Securities and Exchange Commission Chairwoman Mary Schapiro is pushing for tougher regulations on the $2.7 trillion money market fund industry (MMF) and may use the Financial Stability Oversight Council (FSOC)—a 10-member board made up of top financial regulators created by Dodd-Frank—to implement the restrictions.
Wednesday, May 23, 2012
Money Market Mayhem: Dodd-Frank regulatory board targets money market mutual funds
The Washington Free Beacon reports:
