The Bond Buyer writes, "Gensler doubles down on controversial money market fund rules." It says, "Securities and Exchange Commission Chairman Gary Gensler defended his rulemaking agenda, this time in front of the Senate Banking Committee, as serious concerns were raised about the rules. The amendments to money market fund rules -- which include a provision the money market fund industry largely opposed that requires liquidity fees for net redemptions exceeding 5% -- approved in July, were questioned by the panel. The recent amendments will impact tax-exempt money market funds -- healthy money market funds are important to the municipal bond market since they purchase municipal securities and municipal issuers use the funds as investors." They quote Gensler, "Taking into account public comment, the final money market rules, as adopted, will require liquidity fees instead of the originally proposed swing pricing requirement. Liquidity fees, compared with swing pricing, offer many of the same benefits and fewer of the operational burdens." The piece adds, "Gensler used his time on the Senate floor to defend the virtually universal belief of the banking sector and lawmakers that his regulatory agenda is being enacted far too fast for the industry or investors to catch up." See his brief comments, "Oral Testimony of Gary Gensler Before the United States Senate Committee on Banking, Housing, and Urban Affairs."

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