(Bloomberg) -- U.S. banking regulators are crowding out the Securities and Exchange Commission on money-market mutual fund rules and other decisions that affect how capital markets are overseen, a top securities regulator said today.

Other agencies including the Federal Reserve have used the Financial Stability Oversight Council to influence rules for money-market funds and potentially tighter regulation of asset managers, SEC Commissioner Michael Piwowar said. The council, known as FSOC, recommended new rules for the funds in 2012 after the SEC couldn’t agree on a new proposal.

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