It seems like the Beltway arguments over money fund reform and the relevance of the SEC will never end.

The Wall Street Journal reports that several former SEC chairs and commissioners wrote to the Financial Stability Oversight Committee "urging that panel of regulators to stay out of the way and let the SEC address potential reforms to money-market mutual funds."

The paper then suggests that "perhaps the alums should also tell their old colleagues at the SEC to get on with it."

The Journal has this to say on the subject:

Taxpayers have been waiting years for the SEC to act to prevent a repeat of the 2008 federal bailout. If SEC commissioners want to keep other regulators from trying to fix problems created by SEC regulations, the obvious solution is to rewrite SEC rules—now.

The securities regulator has a long and troubled history with the subject of money fund reform. The battle is reputedly one of the main drivers behind the resignation of former SEC chair Mary Schapiro.

Oddly enough, a recent study suggests that SEC alumni were behind the failure of Schapiro's crusade on fund reform.

Read more on the debate in the Wall Street Journal. 

Edited by: Tommy Fernandez


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE