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Keywords:Securities and Exchange Commission 

Journal Article
Interview with Arthur Levitt

The Region , Volume 14 , Issue Sep , Pages 14-22

Journal Article
Fighting Fund Runs

Econ Focus , Issue 1Q , Pages 21-21

Conference Paper
Early intervention in the securities industry

Proceedings , Paper 331

Discussion Paper
Money Market Funds and the New SEC Regulation

On October 14, 2016, amendments to Securities and Exchange Commission (SEC) rule 2a-7, which governs money market mutual funds (MMFs), went into effect. The changes are designed to reduce MMFs? susceptibility to destabilizing runs and contain two principal requirements. First, institutional prime and muni funds?but not retail or government funds?must now compute their net asset values (NAVs) using market-based factors, thereby abandoning the fixed NAV that had been a hallmark of the MMF industry. Second, all prime and muni funds must adopt a system of gates and fees on redemptions, which can ...
Liberty Street Economics , Paper 20170320

Working Paper
Money Market Fund Reform: Dealing with the Fundamental Problem

After the events in March 2020, it became clear to policymakers that the 2014 reform of the money market funds (MMFs) industry had not successfully addressed all associated stability concerns related to surges in withdrawals. In December 2021, the SEC proposed a new set of rules governing how money market funds can operate. A fundamental problem behind the instability of (some) money market funds is the expectation that backstop liquidity support will be provided by the government in the event of financial distress, along with the government's inability to credibly commit to not provide such ...
Working Paper , Paper 22-08

Stock market reaction to financial statement certification by bank holding company CEOs

In 2002, the Securities and Exchange Commission mandated that the chief executive officers of large, publicly traded firms certify the accuracy of their company financial statements. In this paper, I investigate whether CEO certification has had a measurable effect on the stock market valuation of the forty-two bank holding companies subject to the SEC order. I find that these firms experienced a positive average abnormal return of 30 to 60 basis points on the day of certification-a result driven primarily by those BHCs that certified ahead of the SEC's deadline. Characteristics associated ...
Staff Reports , Paper 170

Fixing wholesale funding to build a more stable financial system

Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.

Journal Article
Debate continues over the harm of insider trading

Economics Update , Issue Jan , Pages 4

Journal Article
Capital requirements of commercial and investment banks: contrasts in regulation

Quarterly Review , Volume 12 , Issue Aut , Pages 1-10

Factors affecting efforts to limit payments to AIG counterparties

Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives.
Speech , Paper 13



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