February 7, 2012
I just read at Yahoo Finance that the SEC is proposing a rules change that would affect the basic nature of money market accounts. They would no longer be allowed to maintain a dollar for dollar net asset value, but would be allowed to fluctuate. Additionally a depositor could not remove money at any time in any amount without a fee,or penalty.
I am extremely opposed to anything that would alter in any way how money market accounts now function. As an investor I have to have a simple way to park my cash.
I guess the only thing left if you do as proposed is to move everything to a checking account...hardly practical.
I am beginning to think my government hates me. The congress squanders money as if it's worthless. The Federal Reserve has just about made it worthless. Now you want to destroy the one thing I've been able to count on not to loose money for me...my money market account.
I think this is an unnecessary, ill conceived idea that will cause the public far more harm than good.
With deepest sincerity,