The Hill published an opinion piece on H.R. 2319, the bill to roll back the floating NAV. The opinion, which contains a number of inaccuracies, is entitled, "Rolling back regulations for money market funds is a dangerous game." It says, "Rising defaults in subprime mortgages may have started the global financial crisis rolling in 2007, but it was a failure in money market mutual funds that helped bring global capital markets to a halt nearly a year later. Plagued with a faulty pricing model and declining credit standards, and funded by sophisticated and financially agile investors, bad investments by some of these short-term funds added greatly to the sense of panic. Nevertheless, some in the money fund sector continue to fight for a rollback on the limited systemic protections the Securities and Exchange Commission (SEC) imposed in 2013. A bill in the House of Representatives would undo a part of that rule prohibiting use of a stable net asset value for institutional money funds. It would further exempt such funds from another provision imposing default liquidity fee requirements when funds don’t invest 10 percent or more of total assets in short-term liquid assets. To accommodate the rollback, the bill would appropriately prohibit federal bailouts of any money market funds and require disclosure that bailouts are prohibited, though that is only partially believable in light of what happened in 2008. Undoing unnecessary and unproductive regulation imposed on investment markets is one thing. Making capital markets susceptible to the kind of financial mayhem visited upon the world a decade ago by removing modest systemic risk protections is something entirely different. It is a rollback that I do not support."

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