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Financial reform bill receives support from fourth Alabama mayor

Mobile Mayor Sandy Stimpson last week became the fourth Alabama mayor to publicly support a U.S. Senate bill that would allow money market funds to elect to operate using a different method of valuation of its shares than is currently required by the Securities and Exchange Commission.

On August 14, Stimpson sent a letter to Sen. Doug Jones – who sits on the Senate Banking Committee with Alabama’s other senator, Richard Shelby – urging him to support S. 1117.

Mayors John Reeves of Troy, Stewart Welch III of Mountain Brook and Todd Strange of Montgomery have similarly expressed their support for the bill, which they and other financial professionals argue will support better investment in local communities.

A coalition of 24 Alabama business, non-profit and governmental entities, as well as elected officials, have expressed their support for the bill.

Read more about S.1117 here.

See a full list of its supporters here.