According to a Bloomberg article, Federated is willing to use legal action to block money market fund regulation changes proposed by the SEC. In a conference call with analysts last Friday, the CEO of Federated, Christopher Donahue, stated that Federated would challenge proposals by the SEC to either (1) float the NAV or (2) require a capital buffer with a 30-day holdback of 3% of any client withdrawal. The article noted that the SEC is expected to make these proposals by the end of March. According to Bloomberg, Donahue would take legal action under the Administrative Procedures Act, claiming the SEC had not done sufficient analysis of the rules' impact.