SEC should set money-fund rules, White tells lawmakers

Mary Jo White, President Barack Obama's nominee to lead the Securities and Exchange Commission, told the Senate banking committee that new rules for money market funds should be written by the SEC, not the new U.S. risk council. "It is an investment product. It is where the SEC has expertise and I think they should take the lead," she said. Concerns about her ability to effectively oversee Wall Street seemed minimal, with no senators voicing opposition to her confirmation.

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