The SEC Investment Advisory Committee page features links to yesterday's Webcast of the Investment Advisory Committee, Meeting Notice, Agenda and Discussion, and Comments. Look for a recap of the meeting in Crane Data's News tomorrow once we've transcribed the money fund comments from yesterday's webcast. See also the Investment Advisory Committee's May 3 letter from the Investor as Purchaser Subcommittee. Yesterday's meeting featured the SEC's Bob Plaze discussing the history of money funds and the problems with a floating NAV. The Powerpoint agenda says, "Resolved: Money market funds should not be required to use a floating NAV. Money market funds play a vital role as cash management vehicles for millions of Americans and as liquidity facilities for short-term borrowers. They have an extraordinary history of stability, with only two instances of failure in three decades of regulation under Rule 2a-7. If the Commission believes that the stability of money market funds can be improved, then it should consider appropriate prudential measures. Mandating a floating NAV, however, would put the continued viability of money market funds at risk and be detrimental to the interests of America's retail investors." (This resolution was put forth but has not been voted on by the Committee yet.)

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