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Statement on Adoption of Amendments to Remove References to Credit Ratings in Money Market Fund Rule 2a-7 and Form N-MFP

Commissioner Daniel M. Gallagher

Sept. 16, 2015

I am happy to support today’s amendments removing references to nationally recognized statistical organizations from our rules and forms governing money market funds.  These amendments implement the congressional mandate in Section 939A of the Dodd-Frank Act (“Dodd-Frank”) to eliminate such references from all of our rules.  Since the passage of Dodd-Frank, I have been a strong proponent for Commission action to satisfy this mandate given that Section 939A is one of the very few provisions of the statute that directly addresses a cause of the financial crisis.  And so, although I lament that it took over five years, I applaud the Commission for adopting these amendments.

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