August 27, 2013
There are many meaningful changes that the SEC could champion. Moving to a floating NAV is not one of them. A floating NAV would accomplish two things: 1) an accounting nightmare for taxpayers just trying to use their available cash. 2) destroy the money market industry for individual investors. Regulate the quality of the paper inside the funds and the frequency of accountability of the sponsor. Anything else, just don't destroy the marketplace.