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Bi-Partisan Congressional Concern Over MMF Reforms

In a May 1, 2012 letter to SEC Chairman Mary Schapiro, 33 members of Congress from both sides of the aisle who are former state and local government officials expressed concern about potential money market fund reforms.  The letter cautioned that reforms making money market funds less attractive to investors could make capital less available and more expensive for municipalities.  In addition, the members reminded Chairman Schapiro that municipalities are also users of money market funds for short term investments, and that these entities find the $1.00 net asset value highly attractive.