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Commissioner Criticizes SEC’s Priorities; SEC MMF Reform Still Alive

In a recent speech, Commissioner Gallagher described the increased volume and pace of agency rulemaking (largely due to Dodd-Frank Act mandates) and stressed that the SEC needs to prioritize its actions and not lose sight of the agency’s core mission: protecting investors and promoting efficiency, competition and capital formation.  In the Commissioner’s words, “[i]t’s all about priorities and relative priorities.”  He believes the SEC needs to prioritize and sequence rulemakings – both those mandated by statute and those that are not.  In Commissioner Gallagher’s opinion, one of these higher priority areas is money market fund reform.  He stated that he “hope[s] and expect[s]” that the SEC will make a decision on “appropriate reforms” to money market fund regulation soon, after their economists have conducted an analysis of several key issues he and Commissioners Paredes and Aguilar have identified.

Commissioner Gallagher also criticized the SEC for prioritizing the finalization of disclosure rules aimed at curtailing armed violence in the Congo over other issues, such as the Dodd-Frank mandate to remove references to credit ratings in all regulations.