They're starting to sound like two old women fighting over canasta.

In another Letter to the Editor, Paul Schott Stevens, president and chief executive of the Investment Company Institute took issue with a February 21 editorial run by the Wall Street Journal entitled The SEC's Big Chance which, urged the Financial Stability Oversight Council (FSOC) to allow the SEC work out money fund reform on its own.

In his editorial, Stevens wrote this on the WSJ's arguments:

The misleading assertions start with the notion that "taxpayers have been waiting years" for the Securities and Exchange Commission to reform money funds. We refer readers to the SEC's Jan. 27, 2010 press release "SEC Approves Money Market Fund Reforms to Better Protect Investors" outlining a sweeping set of measures that have already proved to make these funds more resilient.

This is not the first time, Stevens and the Journal have gone toe-to-toe on the subject of money market fund reform. Within his epistle, Stevens noted that the Journal ran six editorials on the subject. MFWire covered his previous letter to the newspaper here. 

Edited by: Tommy Fernandez


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