ICI Forms Money Fund Working Group
The Investment Company Institute is forming a money market mutual fund working group, to be chaired by Vanguard Chairman John Brennan. Senior executives from BlackRock, Federated Investors and JPMorgan will also serve on the panel. Brennan has already been heading an informal group of industry executives working with the Federal Reserve, U.S. Treasury and the Securities and Exchange Commission. The SEC indicated in September it will be reviewing Rule 2a-7, which pertains to money market funds.