Full text of Minutes of the Financial Stability Oversight Council : Minutes of Meeting, Held January 14, 2013

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The Financial Stability Oversight Council unanimously approved the attached resolution by
notational vote on January 14, 2013.

RESOLUTION APPROVING THE EXTENSION OF THE COMMENT PERIOD
FOR PROPOSED RECOMMENDATIONS
REGARDING MONEY MARKET MUTUAL FUND REFORM

WHEREAS, under section 120 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (the “DFA”), if the Financial Stability Oversight Council
(“Council”) determines that the conduct, scope, nature, size, scale, concentration,
or interconnectedness of a financial activity or practice conducted by bank holding
companies or nonbank financial companies could create or increase the risk of
significant liquidity, credit, or other problems spreading among bank holding
companies and nonbank financial companies, financial markets of the United
States, or low-income, minority, or underserved communities, the Council may
issue recommendations to the appropriate primary financial regulatory agencies to
apply new or heightened standards and safeguards for such financial activity or
practice;

WHEREAS, under section 120 of the DFA, on November 13, 2012, the Council
approved “Proposed Recommendations Regarding Money Market Mutual Fund
Reform” (the “Proposed Recommendations”) and the publication of the Proposed
Recommendations in the Federal Register and on the Council’s website;

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WHEREAS, comments on the Proposed Recommendations were required to be
submitted no later than January 18, 2013;

WHEREAS, staff of the Securities and Exchange Commission (“SEC”) issued a
report on November 30, 2012, regarding MMFs (“SEC Report”); and

WHEREAS, to allow the public more time to review, consider, and comment on
the Proposed Recommendations, and to allow the public to consider the
information in the SEC Report in conjunction with the proposed recommendations,
the Council believes it is appropriate to extend the comment period for the
Proposed Recommendations.

NOW, THEREFORE, BE IT RESOLVED, that the Council hereby approves the
extension of the comment period for the Proposed Recommendations until
February 15, 2013, and authorizes the Chairperson, or his designee, to cause notice
of such extension to be published in the Federal Register and on the Council’s
website, in a form and manner acceptable to the Chairperson or his designee, and
to otherwise make it available to the public as the Chairperson deems appropriate.

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BE IT FURTHER RESOLVED, that the Council hereby delegates authority to the
Chairperson, or his designee, to take such other actions and issue such other
documents incident and related to the foregoing as they may deem necessary or
appropriate to fulfill the Council’s objectives in connection with the publication of
the notice of the extension of the comment period for the Proposed
Recommendations in the Federal Register.

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