Subject: File No. 4-619
From: Charles Johnson

August 16, 2012

Chairman Schapiro
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090

Dear Chairman Schapiro:

As a Trust Officer in National Banks, I have used Money Market funds continuously since before 1980. I know what it was like before these funds developed the track record they have had. It was a total nightmare to manage client cash "before." We do not want to go there again.

Doing away with these funds stabilized at $1.00000 would be a disaster for both the fund industry and entities such as ourselves which depend on being able to meet client needs by having access to all of the client cash immediately. Rarely do we have to tap this access but it is very reassuring to the client to know it is there.

The biggest problem today with the MMFs is the idiotic Fed policy of destroying the liquidity of savers to the benefit of borrowers by keeping short rates ridiculously low. I realize the SEC has no say on monetary policy, but someone in Washington needs to start listening to the "folks."

Yours Truly,

Charles Johnson