We learned from PreserveMoneyMarketFunds.org, that the GFOA, ICI, and Chamber of Commerce are hosting a webinar "Money Market Fund Regulation: The Impact on Municipal Finance" Tuesday (Aug. 27) at 2pm. The description says, "State and local governments rely on money market funds, both for cash management and as a crucial source of financing. Indeed, money market funds are the largest investor in short-term municipal debt. The Securities and Exchange Commission (SEC) has proposed forcing institutional tax-exempt money market funds -- which invest in municipal money market securities -- to float their net asset values (NAVs). This change would threaten the ability of state and local governments to use money market funds for cash management, as well as their ability to finance vital needs. Learn more about this threat to municipal finance -- and what to do about it -- at a webinar hosted by the Government Finance Officers Association, the Investment Company Institute, and the U.S. Chamber of Commerce. The webinar will take place TOMORROW, August 27 from 2–3 p.m. ET. Panelists for the webinar are: Kathryn Hewitt, Treasurer, Harford County, MD, Jane Heinrichs, Senior Associate Counsel, Investment Company Institute, and Alice Joe, Executive Director, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce. `To register for the webinar, go to: www.cvent.com/d/74q7v0/4W. The public comment period on the SEC’s proposal to require floating NAVs is open through mid-September -- it is essential that you make your voice heard now."
