August 15, 2012
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
Dear Chairman Schapiro:
It is critical that money market funds have a stable $1.00 value. A variable net asset value will set us back decades to the times when money market funds did not exist. Tracking fractions of a penny is a clear waste of time with no added value.
The liquidity of money market funds is also critical. Instituting redemption restrictions of any kind will be a killer. We need sweep accounts and fiduciary accounts.
Work on ensuring that purveyors of money market funds have adequate resources of their own to back them.
Warren J. Mackensen, CFP