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News Summary: Geithner presses SEC on money funds

September 27, 2012 | Modified: September 27, 2012 at 10:45 pm
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GEITHNER PRESSURING: Treasury Secretary Timothy Geithner is putting pressure on the Securities and Exchange Commission to overhaul its rules for money-market mutual funds.

FINANCIAL STABILITY ISSUE: Geithner says the changes are necessary for the well-being of the financial system. He sent a letter to members of the Financial Stability Oversight Council, which he heads, seeking their help in pressuring the SEC to change the rules.

SEC CHAIRMAN THWARTED: SEC Chairman Mary Schapiro has pushed for the changes. But she abandoned the effort last month because three of the agency's five commissioners oppose an overhaul.

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