In an interview with the Associated Press, Vanguard founder John C. "Jack" Bogle expressed his strong support for money market fund reform, especially establishing a floating NAV:
"Investors are relying on this illusion that the asset value is fixed. We ought to do away with the illusion. . . .
If there is a floating net asset value, people will understand that asset values do float, if only a tiny bit. And if a company runs a money fund very conservatively, you can still keep the asset value stable every day of the year.
But there's always the chance of something going wrong in this technology-driven system. After what happened in 2008, we now know that there's an immediate contagion if something happens to a money-market fund. Even though only one of the funds gets pneumonia, every money fund gets a cold."
He also told the AP that "it is absurd" that a floating NAV would eliminate the industry.
In August, SEC Chairman Mary Schapiro conceded that she did not have the votes to submit her money market fund reform proposal to the public for comment. However, the debate on this issue continues as it is possible for other regulators (such as the Financial Oversight Stability Council) to take action in this area.