Since the advent of the financial crisis in the summer of 2007, each year has brought new challenges to financial markets, the fund industry, and ICI. For us, 2011 will be remembered as an inflection point: a period when the Institute engaged with more ., foreign, and multinational policymakers on more issues of greater consequence for our members than at any time before. Working closely with our members, we dealt with an unprec- edented level of regulatory activity: implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; ongoing e orts to make money market funds more resilient; continuing close scrutiny of.