WASHINGTON, D.C. -- Securities and Exchange Commission chairman Mary Jo White made no comment Friday on what new reforms for the money market fund industry will come out of her administration, except that its proposal will be “appropriate and balanced.”

Here are her remarks, from her breakfast address to the general membership meeting of the Investment Company Institute. Her comments came in a discussion of coordinating international regulation of mutual funds:

"As regulation moves forward on several parallel paths, I am hopeful that we can build upon the SEC's past coordination with global regulators to develop approaches that are consistent, workable and effective.

"As the SEC works to develop and propose meaningful money market reform, our goal is to preserve the economic benefits of the product, while addressing potential redemption pressures and the susceptibility of these funds to runs, runs in which retail investors especially are likely to suffer losses.

"While I am sure you would like me to say more about this topic today, I mean to stop there as the staff and commissioners are actively engaged in discussions designed to yield an appropriate and balanced proposal in the near future.

"I am confident that the ultimate result of this process will take into account the views of commissioners who vary in background and perspective but share the goals of protecting investors and promoting market efficiency and capital formation.

"The SEC regulatory process is grounded in sound, economic analysis and is well informed by public comment, including helpful comments from the ICI, fund investors, and others with important and relevant perspectives on money market funds.

"This is the process the SEC will bring to bear as it considers proposing money market fund fund reform and I hope that ultimately it will lead to a good .. result that has been informed by and can be shared with other regulators in the global marketplace.’’

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