Subject: File No. S7-08-07
From: Edward P Cernocky
Affiliation: Retired engineer

May 5, 2012

Customer Protection Re. Broker-Dealers

Please either establish reserve requirements and corresponding government insurance for money market funds or else please REQUIRE broker-dealers to offer FDIC insured bank sweep or cash. This is needed to provide safety of cash holdings.

Currently many brokers require that many types of accounts hold cash ONLY in money market funds, i.e. they do not make available any option for sweeping/holding cash in a bank with FDIC insurnace.

Thank you