The U.S. Chamber of Commerce asked Treasury Secretary Timothy Geithner to give up his efforts to bring about reforms to regulations governing money market funds, the Hill reports. In a letter to Geithner yesterday, David Hirschmann, head of the Chamber's Center for Capital Markets Competitiveness, argues that the push to overhaul regulations could jeopardize money funds.
After Securities and Exchange Commission Chairman Mary Schapiro called off the commission's vote on proposed regulatory changes in August because she didn't have enough votes to pass the changes, Geithner called on the Financial Stability Oversight Council (FSOC) to push the SEC to enact changes.
Hirschmann's letter argues that regulators haven't done the research necessary to determine the what changes should be made in regulations.
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