SEC Chairman Mary Schaprio says the money fund industry could see sweeping changes in order to...

|By:, SA News Editor

SEC Chairman Mary Schaprio says the money fund industry could see sweeping changes in order to help prevent future panics including changing the historic $1 net asset value pricing to a free-floating NAV and requiring firms to create a capital buffer fund to draw on in times of trouble. "Money market funds, while perhaps not the cause of the downward spiral of events, certainly exacerbated the financial breakdown."