“Now that the SEC has reached an impasse on proposals to enhance the regulation of money market funds, the Financial Stability Oversight Council has a duty to impose heightened standards and safeguards for these funds.
The Council was created to identify threats to financial stability, and to take steps to eliminate them. It has specifically enumerated duties, which include an obligation to recommend that regulators strengthen standards when the firms that they supervise pose a threat to economic stability. It also has a duty to require that the Federal Reserve supervise and impose prudential standards on non-bank financial firms that pose threats to stability.”
Read Dennis Kelleher’s full opinion piece here