WASHINGTON - Treasury Secretary Tim Geithner asked the Financial Stability Oversight Council to take up structural reforms to the $2.6 trillion money market mutual fund industry, citing the Securities and Exchange Commission's failure to act.

In a letter to regulators on the council, Geithner said money market fund reforms are "essential to financial stability," and said the Dodd-Frank Act "gives the council both the responsibility and authority to take action to address risks to financial stability if an agency fails to do so."

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