[Federal Register Volume 78, Number 13 (Friday, January 18, 2013)]
[Notices]
[Pages 4145-4146]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-01037]


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FINANCIAL STABILITY OVERSIGHT COUNCIL


Proposed Recommendations Regarding Money Market Mutual Fund 
Reform

AGENCY: Financial Stability Oversight Council.

ACTION: Proposed recommendation; extension of comment period.

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SUMMARY: On November 19, 2012, the Financial Stability Oversight 
Council (``Council'') published in the Federal Register proposed 
recommendations regarding money market mutual funds (``MMFs'') pursuant 
to Section 120 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (``Dodd-Frank

[[Page 4146]]

Act''), which authorizes the Council to issue recommendations to a 
primary financial regulatory agency to apply new or heightened 
standards and safeguards for a financial activity or practice conducted 
by bank holding companies or nonbank financial companies under the 
agency's jurisdiction.\1\ The Council has determined that an extension 
of the comment period until February 15, 2013, is appropriate.
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    \1\ Public Law 111-203, 124 Stat. 1376 (2010).

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DATES: Comment due date: February 15, 2013.

ADDRESSES: You may submit comments by any of the methods identified in 
the proposed recommendations. Please submit your comments using only 
one method.

FOR FURTHER INFORMATION CONTACT: Amias Gerety, Deputy Assistant 
Secretary for the Financial Stability Oversight Council, Department of 
the Treasury, at (202) 622-8716; Sharon Haeger, Office of the General 
Counsel, Department of the Treasury, at (202) 622-4353; or Eric Froman, 
Office of the General Counsel, Department of the Treasury, at (202) 
622-1942.

SUPPLEMENTARY INFORMATION: Under Section 120 of the Dodd-Frank Act, if 
the Council determines that the conduct, scope, nature, size, scale, 
concentration, or interconnectedness of a financial activity or 
practice conducted by bank holding companies or nonbank financial 
companies could create or increase the risk of significant liquidity, 
credit, or other problems spreading among bank holding companies and 
nonbank financial companies, financial markets of the United States, or 
low-income, minority, or underserved communities, the Council may issue 
recommendations to the appropriate primary financial regulatory 
agencies to apply new or heightened standards and safeguards for such 
financial activity or practice.
    On November 19, 2012, pursuant to Section 120 of the Dodd-Frank 
Act, the Council published in the Federal Register proposed 
recommendations that the Securities and Exchange Commission (SEC) 
proceed with structural reforms of MMFs. The proposed recommendations 
stated that the public comment period would close on January 18, 2013.
    The Council notes that SEC staff issued a report on November 30, 
2012, regarding MMFs (SEC Report). To allow the public more time to 
review, consider, and comment on the proposed recommendations, and to 
allow the public to consider the information in the SEC Report in 
conjunction with the proposed recommendations, the Council believes it 
is appropriate to extend the comment period. Accordingly, the Council 
is extending the deadline for submitting comments on the proposed 
recommendations from January 18, 2013, to February 15, 2013.

    Dated: January 14, 2013.
Rebecca H. Ewing,
Executive Secretary, Department of the Treasury.
[FR Doc. 2013-01037 Filed 1-17-13; 8:45 am]
BILLING CODE 4810-25-P-P