U.S. banking regulators are crowding out the Securities and Exchange Commission (SEC) on money-market mutual fund rules and other decisions that affect how capital markets are overseen, a top securities regulator said today.
Other agencies, including the Federal Reserve, have used the Financial Stability Oversight Council (FSOC) to influence rules for money-market funds and potentially tighter regulation of asset managers, SEC Commissioner Michael Piwowar said. The council recommended new rules for the funds in 2012, after the SEC couldn't agree on a new proposal.
"The FSOC, within which the banking and prudential regulators exert substantial influence, represents an existential threat to the SEC and other member agencies," Piwowar said in a speech to the U.S. Chamber of Commerce.
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