Federated has filed a new comment letter with the SEC opposing potential money market fund reforms. "In an effort to assist the Commission in assessing the potential economic consequences of [money market reform]," the letter provides a summary of the public comments that have been filed to date on the issue. Federated highlights the numerous comments received from money market fund investors stating that they will either reduce or stop their use of money market funds if the reforms currently being considered are adopted. It also reminds the SEC that investors fleeing from money market funds will likely end up in less regulated vehicles or at the largest banks which would increase systemic risk. Finally, the letter emphasizes that "there is no data or economic analysis in the public file to support the view that any of the proposals would reduce [money market fund] runs."