House Financial Services Committee Chairman Spencer Bachus is urging Securities and Exchange Commission Chairman Mary Schapiro to rethink her approach to rules for the money-market fund industry.
In a letter to Schapiro dated yesterday, Bachus said he was unsure why the agency should spend time considering rules for money-market funds when the SEC has struggled to meet deadlines to implement rules mandated by the 2010 Dodd-Frank Act.
"Given that the SEC has already missed numerous deadlines for mandatory rule-makings, the suggestion that the agency is devoting time and resources to a discretionary rule without providing Congress or the public with empirical data and economic analysis to justify such a rule-making raises significant questions regarding the Commission's priorities," Bachus wrote.
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