Release Date: May 31, 2012Contact: 888-249-NEWS
More Than 115 Organizations Caution Against Regulations That Would Alter Money Market Mutual Funds
Small and Large Businesses, State and Local Chambers From Across the Country Join Letter to SEC
WASHINGTON D.C.— More than 115 organizations from across the country representing a wide cross-section of industries, including small businesses, state and local Chambers, and large global corporations joined the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) today urging the Securities and Exchange Commission (SEC) to refrain from making unnecessary regulatory changes that would fundamentally alter money market mutual funds (MMMFs).
Representatives signed a letter to SEC Commissioner Mary Schapiro, members of the U.S. Treasury’s Financial Stability Oversight Council (FSOC), and key members of Congress warning that such changes would “…limit choices for investors, businesses, and municipalities, with far-reaching consequences for the American economy.”
“From local dry cleaners to regional construction companies to national grocery stores, the breadth of support from across the business community demonstrated in this letter underscores how important MMMFs are to businesses of all sizes,” said David Hirschmann, president and CEO of CCMC. “The SEC must answer some simple but serious questions before considering additional reforms that would undermine MMMFs structure and utility: Why now? Why are further changes needed? And why these proposals?”
Since its inception in 2007, the Center for Capital Markets Competitiveness has led a bipartisan effort to modernize and strengthen the outmoded regulatory systems that have governed our capital markets. The CCMC is committed to working aggressively with the administration, Congress, and global leaders to implement reforms to strengthen the economy, restore investor confidence, and ensure well-functioning capital markets.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.