Financial Planning writes "​Do No Harm", subtitled, "The SEC should consider the consequences before it makes rules for money-​market funds." Susan Wyderko writes, "SEC Chairwoman Mary Schapiro has made it clear that the commission is considering substantial reforms, including floating NAVs and capital buffer requirements, and that she anticipates the commission issuing a reform proposal "​in very short order." These potential reforms appear to stem from concerns about the existence of investment risk in money-​market funds -- a risk inherent in the very concept of investing. However, as the 2010 report by the President'​s Working Group on Financial Markets made clear, radical reform options may have serious collateral consequences. A floating NAV may decrease the attractiveness of money-​market funds to investors, undermining the ability of these funds to provide the short-​term credit and liquidity crucial to the operation of the financial markets. New capital buffers also could have negative consequences. As SEC Commissioner Daniel Gallagher has noted, "The level of capital that would be required to legitimately backstop the funds would effectively end the industry ... and I have doubts that a smaller cap that accrues over time would be sufficient to protect investors in funds in an actual crisis.""

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