March 12, 2013 / 3:46 PM / 5 years ago

SEC nominee White says SEC should take the lead on money funds

WASHINGTON, March 12 (Reuters) - 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 hearing.

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.

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