Financial professional groups have teamed with consumer and investor groups to ask the U.S. Securities and Exchange Commission to help monitor money market funds.
The SEC should require money market funds to file nonpublic portfolio descriptions each month, so that the SEC can monitor the funds’ risk of loss of principal, according to representatives for 6 groups.
The individuals who signed the letter include Daniel Barry, government relations director for the Financial Planning Association, Denver, and Ellen Turf, chief executive of the National Association of Personal Financial Advisors, Arlington Heights, Ill.
The other signers are Mercer Bullard of Fund Democracy, Oxford, Miss.; Barbara Roper of the Consumer Federation of America, Washington; Ken McEldowney of Consumer Action, San Francisco; and Daniel Pedrotty of the AFL-CIO, Washington.