In its 2012 annual report, the Financial Stability Oversight Council (FSOC) endorsed SEC Chairman Schapiro's money market fund reform plan that would require funds to either float their NAV or implement a capital buffer, possibly combined with redemption restrictions. FSOC emphasized its continuing concerns about the "structural vulnerabilities in money market funds" and stated that the 2010 SEC reforms to money market fund regulations did not go far enough. Specifically, the council stated that the recent reforms did not address, and were not intended to address two core characteristics of money market funds that continue to contribute to their susceptibility to destabilizing runs: (1) the funds have no mechanism to absorb a sudden loss in the value of a portfolio security without threatening their stable $1.00 NAV and (2) there continues to be a "first mover advantage" in money funds which can lead investors to redeem at the first indication of any perceived threat to the value or liquidity of the money market fund.