Richmond Fed's Jeffrey Lacker tells the SEC it's time to abandon the $1/share peg for money...

|By:, SA News Editor

Richmond Fed's Jeffrey Lacker tells the SEC it's time to abandon the $1/share peg for money market funds since their risky behavior is being "subsidized" by expectations of Fed intervention. A floating NAV is the "only certain solution" in the wake of a crisis that saw one of the oldest funds breaking the buck.