Joan Ohlbaum Swirsky of law firm Stradley Ronon writes in a new Fund Alert, A Special Edition, June 2009 "Obama Administration Recommends Reform of Money Market Funds". The bulletin says, "The Obama administration (the administration) has recommended that the SEC 'move forward with its plans to strengthen the regulatory framework around money market funds,' including moving to consider some of the reforms proposed by the Investment Company Institute (ICI) in its Report of the Money Market Working Group released March 17, 2009. The administration also proposed that more fundamental changes be considered, including, for example, moving away from the stable net asset value (NAV) of money market funds or requiring money market funds to 'obtain access to reliable emergency liquidity facilities from private sources.' Under the administration's recommendations, the President's Working Group on Financial Markets (PWG) would consider the more fundamental changes in a report to be completed by Sept. 15, 2009, which 'could include' those changes. The PWG is an informal working group comprised of the Secretary of the Treasury and the Chairmen of the Federal Reserve Board, the SEC, and the CFTC."
