Treasury Secretary Timothy F. Geithner urged a council of regulators to recommend that the U.S. Securities and Exchange Commission tighten rules on money-market mutual funds.
The Financial Stability Oversight Council should release for public comment options for an overhaul of the funds, an alternative to bank accounts for individuals and companies, Geithner said in a letter to the council today.
"The SEC, by virtue of its institutional expertise and statutory authority, is best positioned to implement reforms to address the risks that MMFs present to the economy," Geithner wrote. "However, while we pursue this path, the council and its members should, in parallel, take active steps in the event the SEC is unwilling to act in a timely and effective manner."
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