The Financial Stability Oversight Council, created by Dodd-Frank, voted "to release three proposed recommendations to reform the $2.9 trillion money market mutual fund industry," writes American Banker’s Donna Borak.

"In August, SEC Chairman Schapiro announced the SEC did not have the basis to proceed with a vote to elicit public comment on a set of additional reforms," said Treasury Secretary Tim Geithner, who chairs the council.

Following Schapiro’s efforts, which faced opposition, the FSOC will look at: possible requirements for floating net asset values, capital buffers and restrictions on how much investors can withdraw at once.

"What we are doing today is not making a rule, all we are doing is putting out a proposal in order to gather public comment," said Federal Reserve Board Chairman Ben Bernanke

For the full piece see "Regulators Set Mandate for Reform of Money-Market Mutual Funds" (may require subscription).