August 16, 2012
Chairman Schapiro
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
Dear Chairman Schapiro:
I strongly oppose money market reform because I believe that a floating NAV reduces the utility of a money market fund and instituting capital requirements will ultimately lead to poorer performance because that capital must come from somewhere.
I think you underestimate American's abilities to comprehend the investment risks that they're taking. And those of us that do understand the risks should not have to suffer poorer investments options for those that can't read an 8 page summary prospectus before they invest.
Sincerely,
Scott O'Reilly