Investment Company Institute President and CEO Paul Schott Stevens, in testimony before the U.S. Senate Banking Committee, has outlined ICI's detailed proposal on how to reform the U.S. financial regulatory system, including specific recommendations to provide greater protections for investors and the marketplace.
These proposals include the creation or designation of a "systemic risk regulator" and the establishment of a new "capital markets regulator." The former would be charged with monitoring and mitigating risks across the financial system at large, and the latter would encompass the combined functions of the SEC and the Commodity Futures Trading Commission and set regulatory standards for registered investment companies, including money market funds.
