Securities and Exchange Commission chief Mary Schapiro on Thursday backed her controversial proposal to reform the $2.7 trillion money market fund industry, citing risks to the industry including their "considerable exposure to European banks."
In testimony prepared for a Senate Banking Committee hearing, Schapiro said that as of May 31, roughly 30% of U.S. prime fund assets were invested in debt issued by banks based in Europe generally and about 14% of U.S. prime fund assets were invested in debt issued by banks located in the euro zone
She reiterated her two proposals for reforming the industry, including one that would impose capital restrictions on the funds combined with limitations or fees on redemptions by consumers
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