WASHINGTON, March 12 President Barack Obama's
nominee to chair the U.S. Securities and Exchange Commission
told lawmakers on Tuesday that the SEC, and not the new U.S.
risk council, should take the lead on writing new rules for the
$2.6 trillion money market fund industry.
"It is an investment product. It is where the SEC has
expertise and I think they should take the lead," Mary Jo White
told the Senate Banking Committee during her confirmation
White's comments come as the SEC continues to mull an
early-stage proposal to reform money market funds. The SEC has
been trying to come to an agreement on a plan after the new
Financial Stability Oversight Council last year tried to
pressure the SEC to come to a consensus.