Tips for Finding a Military-Focused Financial Adviser

Geithner urges us risk council to act on money fund reforms


WASHINGTON, Sept 27 U.S. Treasury Secretary Timothy Geithner is calling on the new financial risk council to consider reforms for money market funds, despite stiff opposition from the $2.6 trillion industry and from some regulators. Geithner, in a letter dated Thursday, said the Financial Stability Oversight Council should formally recommend the Securities and Exchange Commission move forward with new rules. Mary Schapiro, the head of the SEC, announced last month that she had failed to win enough support at her agency to advance reforms.

The FSOC recommendation would put more pressure on the SEC to act.

Geithner said some reforms could include stopping funds from keeping their net asset value share price pegged at $1 and instead required floating share prices. They also could include requiring funds to set aside capital against future losses and restricting customer withdrawals at times of stress.

He also laid out other options beside SEC action, such as having FSOC designate some firms in the money fund industry as "systemic" and having bank regulators impose capital surcharges on regulated entities that sponsor money funds.

Greek top negotiator in line to become finance minister source


ATHENS, July 6 Greece's chief negotiator in aid talks with international creditors, Euclid Tsakalotos, is the government's top candidate to become finance minister following the resignation on Monday of Yanis Varoufakis, a senior government official said. Varoufakis' successor is due to be named after a meeting of political leaders that got under way at 10 a.m. (0700 GMT).