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  • Statement At SEC Open Meeting – Proposed Rules Regarding Money Market Funds By SEC Commissioner Daniel M. Gallagher

    Date 05/06/2013

    Thank you, Chair White.  I would like to join my colleagues in thanking the staff for all of the hard work that went into today’s proposing release.  I would like to extend a special thank you to Norm Champ, Craig Lewis, Kathleen Hanley, Sarah ten Siethoff, Jennifer Bethel, Brian Johnson, and Thoreau Bartmann for their efforts leading up to today, and I would also like to thank our former colleague, Eileen Rominger, for all of the wise counsel that she provided me last year on the issues underlying this rulemaking.

  • S&P GSCI: Market Attributes - Commodities - Commodities Missed The Mark In May

    Date 05/06/2013

    KEY HIGHLIGHTS

    • The S&P GSCI fell 1.5% in May, bringing the index’s YTD total return down to -5.6%.
    • The S&P GSCI Energy lost 1.9% this month, driving down the YTD total return to -4.7% and losing its position as the best performing sector index YTD.
    • The S&P GSCI Agriculture lost 61 basis points in May, bringing the YTDtotal return down to -4.4% and making it the best performer in 2013.
    • The S&P GSCI Livestock was slightly down again in May, off 65 basis points, which added to its negative performance for the year, now off 8.1%.
    • The S&P GSCI Industrial Metals, led by lead, was the only sector index to post gains in May, up 2.6%.
    • The S&P GSCI Precious Metals lost 5.8% in May, driving down its YTD total return to -18.5%.

  • Striving To Restructure Money Markets Funds To Address Potential Systemic Risk By SEC Commissioner Luis A. Aguilar

    Date 05/06/2013

    Today, the Commission considers amending the rules that govern money market funds to address potential systemic risks.  Before I begin, I would like to recognize the efforts of the staff throughout the SEC, especially the Division of Investment Management and the Division of Risk, Strategy, and Financial Innovation.  I acknowledge and appreciate the staff’s good work in examining the 2010 amendments to Rule 2a-7 and the staff’s report, which concluded that, among other things, the 2010 amendments would not have been adequate to prevent the systemic risks that we saw in 2008.  This report has resulted in the much-improved proposal that is before us today.  

  • Federal Reserve Board Approves Interim Final Rule On Treatment Of Uninsured U.S. Branches And Agencies Of Foreign Banks Under Section 716 Of Dodd-Frank

    Date 05/06/2013

    The Federal Reserve Board on Wednesday approved an interim final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under the so-called swaps push-out provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

  • Opening Statement at the SEC Open Meeting By SEC Chairman Mary Jo White - Money Market Funds Reform

    Date 05/06/2013

    This is an open meeting of the Securities and Exchange Commission on June 5, 2013.

    Today, the Commission will consider proposals that would reform the way money market funds operate in order to make them less susceptible to runs.