Paul Schott Stevens has been president and chief executive of the Investment Company Institute since 2004. He prides himself and his organization on working collegially with regulators, particularly the Securities and Exchange Commission, which oversees adherence to the Investment Company Act of 1940 and other fund industry rules.
In the past two years, however, the former lawyer has championed an industry-wide call for Chairman Mary Schapiro to not fix what isn't broken in a key segment of the industry: the $2.6 trillion money market mutual fund business. Money Management Executive last week spoke with Stevens about the outspoken stances on money market reforms he has taken ICI and its members on since the start of the year and what has driven him, from when he first took on his role, to be the voice for the fund industry, particularly in an ever-intensifying regulatory environment.
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