Alert October 26, 2010

President’s Working Group Issues Report on Money Market Fund Reform Options

On October 21, 2010, the President’s Working Group on Financial Markets (“PWG”) released a report outlining possible options for operational and regulatory money market fund reform (the “Report”).  The Report discusses a number of alternatives for addressing the susceptibility of money market funds to mass redemptions, but offers no recommendations, instead urging that the Financial Stability Oversight Council created by the Dodd-Frank Wall Street Reform and Consumer Protection Act consider the alternatives and take appropriate steps.  A more detailed discussion of the Report will appear in a future issue of the Alert.