As Mark Twain famously said, "The rumors of my death have been greatly exaggerated." The same can be said for about the rumors of the death of money market reform, following the SEC's announcement that it's leaders could not reach consensus on the topic. Determined to resuscitate the initiative, Senator Bob Corker (R-Tenn)., a member of the Senate Banking Committee, penned a September 14, 2012 letter to the SEC urging the Commission to continue pursuit of money market fund reform to protect taxpayers from a potential bailout. Corker believes that, despite the differences of opinion on amongst the Commissioners, sufficient common ground exists to build on the initial money fund reform proposal from Chairman Mary Schapiro.

According to Senator Corker, “In the event of a disruption in our financial system, Congress could be faced with a difficult choice: (1) allow individual investors to bear significant personal losses while institutional investors (who likely watch the commercial paper markets closely and would quickly recognize market distress) flee, or (2) provide another bailout for a fund or the fund industry. Based on my read of Chairman Schapiro’s initial draft proposal and the dissenting comments of some of the commissioners, I believe that the SEC may be honing in on a solution that might work. Both proposals point out the benefits of some form of a redemption restriction.”

Senator Corker sees the solution in a cooperative effort between the SEC and the fund industry to come up with solutions that are both effective an not burdensome or harmful to the money fund industry. Though short on specifics, Senator Corker made clear that "inaction is not an option," hinting that if the SEC does not act, Congress will.