U.S. Securities and Exchange Commission member Daniel Gallagher,who helped derail efforts to tighten rules for money market mutualfunds, said he would likely support a measure forcing the industryto abandon its marquee $1 share price.
Requiring money funds to have a fluctuating share price “is anattractive option that I am likely to support,” Gallagher, aRepublican, said in an interview.
Gallagher's remarks could help revive the debate at the SEC andoffer a path toward compromise for SEC Chairman Mary Schapiro,whose proposal ran aground last month.
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