User: 
---
           
return answer between these tag <answer> write answer here</answer>
**Prompt**:
You have a deep understanding of the language of financial markets and its regulations. Please analyze the stakeholder comments in response to the US Security and Exchange Commission’s proposed rules regulating financial market participants. Examine the approval scores of the proposed rule (score ranging from -1 to 1, where -1 is strong disapproval and 1 is strong approval). Do you agree with the 2) output the number of positive terms indicating approval, neutral terms and negative terms indicating disapproval. 3) number of suggestions provided in the comment
Output in this format: Approval Score, # Positive Terms, # Neutral Terms, # Negative Terms, #Suggestions.
**Example Output**:
{
    "approvalScore": 0,
    "positiveTermsCount": 0,
    "neutralTermsCount": 0,
    "negativeTermsCount": 0,
    "suggestionsCount": 0,
}

Assistant: Understood. I will strictly follow these instructions in this conversation.
User: 
You are required to think through the problem carefully before answer and present your thinking in response.
Your thinking should not stop until you are confident.

First, break the task into parts and evaluate step by step whether your predicted answer is correct.

On each step, evaluate your thinking also.

The problem is as follows:

You have a deep understanding of the language of financial markets and its regulations. Please analyze the stakeholder comments in response to the US Security and Exchange Commission’s proposed rules regulating financial market participants. Examine the approval scores of the proposed rule (score ranging from -1 to 1, where -1 is strong disapproval and 1 is strong approval). Do you agree with the 2) output the number of positive terms indicating approval, neutral terms, and negative terms indicating disapproval. 3) number of suggestions provided in the comment. Output in json form Approval Score, # Positive Terms, # Neutral Terms, # Negative Terms, #Suggestions.

The comment is below:

A R N O L D   &     P O R T E R     L L P   
 
 
 D a v i d   F .     F r e e m a n ,   J r .   
 
 + 1   
 + 1     2 0 2 . 9 4 2 . 5 9 9 9   F a x   
 
 5 5 5   T w e l f t h     S t r e e t ,     N W   
 W a s h i n g t o n ,     D C     2 0 0 0 4 - 1 2 0 6   
 
 J u l y   1 8 , 2 0 1 4   
 
 T h e   H o n o r a b l e   M a r y   J   o   W h i t e   
 C h a i r   
 S e c u r i t i e s   a n d   E x c h a n g e   C o m m i s s i o n   
 1 0 0   F   S t r e e t ,   N . E .   
 W a s h i n g t o n ,   D . C .   2 0 5 4 9 - 1 0 9 0   
 
 R e :   	   M o n e y   M a r k e t   F u n d   R e f o r m ;   A m e n d m e n t s   t o   F o r m   P F ;   F i l e   N u m b e r   
 8 7 - 0 3 - 1 3 -   D a t a   o n   I n c r e a s e   i n   N o n f i n a n c i a l   C o m m e r c i a l   P a p e r   
 
 D e a r   C h a i r   W h i t e :   
 
 W e   a r e   w r i t i n g   o n   b e h a l f   o f   o u r   c l i e n t ,   F e d e r a t e d   I n v e s t o r s ,   I n c .     ( " F e d e r a t e d " ) ,   t o   
 
 b r i n g   t o   t h e   S e c u r i t i e s   a n d   E x c h a n g e   C o m m i s s i o n ' s   ( " C o m m i s s i o n ' s " )   a t t e n t i o n   r e c e n t   
 d a t a   o n   c o m m e r c i a l   p a p e r   i s s u a n c e   r e l e v a n t   t o   t h e   C o m m i s s i o n ' s   c o n s i d e r a t i o n   o f   i t s   
 m o n e y   m a r k e t   m u t u a l   f u n d   ( " M M F " )   r e f o r m   p r o p o s a l s .     N o n f i n a n c i a l   c o m m e r c i a l   p a p e r   
 n o w   g r e a t l y   e x c e e d s   p r e - c r i s i s   l e v e l s ,   a n d   t h e   a m o u n t s   o f   c o m m e r c i a l   p a p e r   h e l d   b y   
 M M F s   a s   a   p e r c e n t a g e   o f M M F   a s s e t s   h a s   i n c r e a s e d   s u b s t a n t i a l l y   i n   t h e   i n t e r v e n i n g   
 y e a r s .     M u c h   o f   t h i s   i n c r e a s e   i n   n o n f i n a n c i a l   f i r m s '     i s s u a n c e   o f   c o m m e r c i a l   p a p e r   h a s   
 o c c u r r e d   a f t e r   t h e   c l o s e   o f   t h e   c o m m e n t   p e r i o d   o n   t h e   C o m m i s s i o n ' s   M M F   p r o p o s a l   i n   
 S e p t e m b e r   2 0 1 3 .   
 
 B o t h   t h e   C o m m i s s i o n   s t a f f ' s   2 0 1 2   s t u d y   r e s p o n d i n g   t o   q u e s t i o n s   p o s e d   b y   t h r e e   
 
 C o m m i s s i o n e r s   r e g a r d i n g   M M F   r e f o r m   ( " R S F I   S t u d y " )   1   a n d   t h e   F i n a n c i a l   S t a b i l i t y   
 O v e r s i g h t   C o u n c i l ' s   ( " F S O C ' s " )   P r o p o s e d   R e c o m m e n d a t i o n s   R e g a r d i n g   M o n e y   M a r k e t   
 M u t u a l   F u n d   R e f o r m   ( " P r o p o s e d   R e c o m m e n d a t i o n s " i   s u g g e s t e d   t h a t   c o m m e r c i a l   p a p e r   
 c o n s t i t u t e d   a n   i m p o r t a n t   s o u r c e   o f   s h o r t - t e r m   f i n a n c i n g   b y   f i n a n c i a l   o r g a n i z a t i o n s   b u t   
 
 1     D i v i s i o n   o f   R i s k ,     S t r a t e g y ,   a n d   F i n a n c i a l   I n n o v a t i o n ,   U . S .     S e c u r i t i e s   a n d   E x c h a n g e   C o m m i s s i o n ,   
 R e s p o n s e   t o     Q u e s t i o n s   P o s e d   b y   C o m m i s s i o n e r s   A g u i l a r ,     P a r e d e s ,     a n d   G a l l a g h e r   ( N o v e m b e r   3 0 ,   2 0 1 2 ) ,   
 h t t p : / / w w w . s e c . g o v / n e w s / s t u d i e s / 2 0   1 2 / m o n e y - m a r k e t - f u n d s - m e m o - 2 0   1 2 . p d f   ( " R S F I   S t u d y " ) .   
 2     P r o p o s e d   R e c o m m e n d a t i o n s   R e g a r d i n g   M o n e y   M a r k e t   M u t u a l   F u n d   R e f o r m ,   7 7     F e d .     R e g .     6 9 4 5 5     ( N o v .   
 1 9 , 2 0 1 2 ) .   
 
   
   
  A R N O L D   &     P O R T E R     L L P   
 
 
 T h e   H o n o r a b l e   M a r y   J o     W h i t e   
 J u l y     1 8 ,   2 0 1 4   
 P a g e 2   
 
 w a s   l e s s   i m p o r t a n t   f o r   n o n f i n a n c i a l   i s s u e r s .   3     T h e   R S F I   S t u d y   r e m a r k e d   o n   t h e   d e c l i n e   i n   
 n o n f i n a n c i a l   f i r m s '     u s e   o f   c o m m e r c i a l   p a p e r   d u r i n g   t h e   f i n a n c i a l   c r i s i s ,   a n d   u l t i m a t e l y   
 l i m i t e d   i t s   a n a l y s i s   o f   t h e   r e d u c t i o n   i n   t h e   d e m a n d   f o r   m o n e y   m a r k e t   i n s t r u m e n t s   t o   t h e   
 i m p a c t   o n   t h e   a b i l i t y   o f   f i n a n c i a l   i n s t i t u t i o n s   t o   b o r r o w .     F e d e r a t e d   c a u t i o n e d   t h e   
 C o m m i s s i o n   n o t   t o   r e l y   u p o n   s u c h   a   t i m e - l i m i t e d   a n a l y s i s ,   e x p l a i n i n g   i n   a   c o m m e n t   l e t t e r   
 t h a t   t h e   R S F I   S t u d y   w a s   w r i t t e n   a t   a   t i m e   i n   t h e   r e c e n t   e c o n o m i c   r e c o v e r y   w h e n   c r e d i t   
 m a r k e t s   w e r e   p a r t i c u l a r l y   w e a k ,   a n d   b u s i n e s s e s   w e r e   h e s i t a n t   t o   e x p a n d   t h r o u g h   
 b o r r o w i n g   a n d   a s   a   r e s u l t   h e l d   h i g h   l e v e l s   o f   c a s h . 4     F e d e r a t e d   e n c o u r a g e d   t h e   
 C o m m i s s i o n   t o   t a k e   a   b r o a d e r   v i e w   a n d   r e c o g n i z e   t h a t   M M F   h o l d i n g s   w o u l d   c o n t i n u e   t o   
 c o n t r i b u t e   t o   g r o w t h   w h e n   t h e   e c o n o m y   g a i n e d   s t r e n g t h .   
 
 T h e   F S O C   i n   i t s   P r o p o s e d   R e c o m m e n d a t i o n s   f u r t h e r   s t a t e d   t h a t   " [ m ] o s t   o f   t h e   
 
 s h o r t - t e r m   f i n a n c i n g   t h a t   M M F s   p r o v i d e   t o   n o n - g o v e r n m e n t   e n t i t i e s   i s   e x t e n d e d   t o   
 f i n a n c i a l   f i r m s . "   5     O n   t h a t   b a s i s ,   F S O C   s u g g e s t e d   t h a t   M M F s   a r e   e x t e n s i v e l y   
 i n t e r c o n n e c t e d   w i t h   f i n a n c i a l   f i r m s ,   t h e   f i n a n c i a l   s y s t e m   a n d   t h e   U . S .   e c o n o m y ­ 
 j u s t i f y i n g   t h e   F S O C ' s   a t t e m p t s   t o   i m p o s e   n e w   r e s t r i c t i o n s   o n   M M F s   u n d e r   t h e   D o d d ­ 
 F r a n k   A c t   S e c t i o n   1 2 0   p r o c e s s .   6   
 
 B u t ,   a s   n o t e d   i n   a   r e c e n t   W a l l   S t r e e t   J o u r n a l   a r t i c l e ,   n o n f i n a n c i a l   f i r m s   h a v e   
 
 b e g u n   b o r r o w i n g   s h o r t - t e r m   c a s h   a t   t h e   f a s t e s t   r a t e   i n   t w o   y e a r s .   7     F o r   t h e   f i r s t   t i m e   i n   
 t w o   d e c a d e s ,   n o n f i n a n c i a l   f i r m s   n o w   m a k e   u p   o n e   q u a r t e r   o f   t h e   c o m m e r c i a l   p a p e r   
 m a r k e t .   8     T h e   r e t u r n   o f   n o n f i n a n c i a l   c o m m e r c i a l   p a p e r   i s   b o r n e   o u t   i n   F e d e r a l   R e s e r v e   
 d a t a .     I n d e e d ,   t h e   a m o u n t   o f   s e a s o n a l l y   a d j u s t e d   n o n f i n a n c i a l   p a p e r   o u t s t a n d i n g   a s     o f   
 
 3     R S F I   S t u d y   a t   5 0   ( " G i v e n   t h a t   t h e   l a r g e s t   c o m m e r c i a l   p a p e r   e x p o s u r e   o f   m o n e y   m a r k e t   f u n d s     i s   t o   
 f i n a n c i a l   i n s t i t u t i o n s ,   a   r e d u c t i o n   i n   t h e   d e m a n d   o f   m o n e y   m a r k e t   i n s t r u m e n t s   m a y   h a v e   a n   e f f e c t   o n   t h e   
 a b i l i t y   o f   f i n a n c i a l     i n s t i t u t i o n s   t o   i s s u e   c o m m e r c i a l   p a p e r . " ) .   
 
 4     L e t t e r   f r o m     F e d e r a t e d   t o     C o m m i s s i o n   ( J a n .     7 ,     2 0 1 3 )   ( a v a i l a b l e   i n   t h e   c o m m e n t   f i l e     o n   S p e c i a l   S t u d i e s )   
 ( c i t i n g   R S F I   S t u d y   a t   F i g u r e     1 8 ) .   
 
 5     P r o p o s e d   R e c o m m e n d a t i o n s   a t   2 2 .   
 
 6     ! d .   
 
 7     T h e   C F O   R e p o r t ,     C o m p a n i e s   F e a s t   o n   S h o r t - T e r m     C a s h ,     W A L L   S T .   J . ,   J u n e     1 0 ,   2 0 1 4 .   
 8     ! d .   
 
  A R N O L D   &     P O R T E R     L L P   
 
 
 T h e   H o n o r a b l e   M a r y   J o   W h i t e   
 J u l y   1 8 ,   2 0 1 4   
 P a g e   3   
 
 M a y   2 0 1 4   e x c e e d s   p r e - c r i s i s   l e v e l s   b y   3 9 %   a s   m e a s u r e d   a g a i n s t   S e p t e m b e r   2 0 0 8   l e v e l s ,   
 w h i c h   w a s   n o t   t h e   c a s e   i n   2 0 1 2 . 9     F i g u r e   1   d o c u m e n t s   t h i s   g r o w t h .   
 
 F i g u r e   1   -   N o n f i n a n c i a l   C o m m e r c i a l   P a p e r   
 
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 C o r r e s p o n d i n g l y ,   p r i m e   M M F   h o l d i n g s   o f   n o n f i n a n c i a l   c o m m e r c i a l   p a p e r   h a v e   
 a l s o   i n c r e a s e d   a s   t h e   e c o n o m i c   r e c o v e r y   h a s   g a i n e d   s t r e n g t h ,   n e a r l y   d o u b l i n g   f r o m   y e a r ­ 
 e n d   2 0 1 0   ( t h e   e a r l i e s t   p e r i o d   f o r   w h i c h   d a t a   i s   p u b l i c l y   a v a i l a b l e )   t o     M a y   2 0 1 4 ,   f r o m   2 . 4 1   
 p e r c e n t   t o   4 . 3 2   p e r c e n t .   1 0     A s   o f   M a y   3 1 ,   · 2 0   1 4 ,   2 3     p e r c e n t   o f   n o n f i n a n c i a l   c o m m e r c i a l   
 p a p e r   w a s   h e l d   b y   p r i m e   M M F s .   1 1     I n   a d d i t i o n   t o   t h e i r   h o l d i n g s   o f   c o m m e r c i a l   p a p e r ,   
 
 9     B o a r d   o f   G o v e r n o r s   o f   t h e   F e d e r a l   R e s e r v e   S y s t e m ,   C o m m e r c i a l   P a p e r -   D a t a   D o w n l o a d   P r o g r a m   ( l a s t   
 v i s i t e d   J u n e   3 0 ,   2 0 1 4 ) ,   h t t p : / / w w w . f e d e r a l r e s e r v e . g o v / d a t a d o w n l o a d / C h o o s e . a s p x ? r e l = C P   ( c o m p a r i n g   t h e   
 a m o u n t   o f   s e a s o n a l l y   a d j u s t e d   n o n f i n a n c i a l   c o m m e r c i a l   p a p e r   i n   M a y   2 0 1 4   ( $ 2 6 0 . 9 7   b i l l i o n )   t o     S e p t e m b e r   
 2 0 0 8   ( $ 1 8 6 . 7 7   b i l l i o n ) ) .   
 1 0     I n v e s t m e n t   C o m p a n y   I n s t i t u t e ,     T a x a b l e   M o n e y   M a r k e t   F u n d   P o r t f o l i o   D a t a   A r c h i v e   ( l a s t   v i s i t e d   J u n e   
 3 0 ,   2 0 1 4 ) ,   h t t p : / / w w w . i c i . o r g / r e s e a r c h / s t a t s / m m f s u m m a r y / a r c h i v e   ( c o m p a r i n g   p r i m e   M M F   h o l d i n g s   a s     o f   
 D e c e m b e r   3 1 ,   2 0 1 0   t o   M a y   3 1 ,   2 0 1 4 ) .   
 1 1     P r i m e   M M F s   h e l d   $ 6 1     b i l l i o n   i n   n o n f i n a n c i a l   c o m m e r c i a l   p a p e r   a s     o f   M a y   3 1 ,   2 0 1 4 ,   a c c o r d i n g   t o   I C I   
 d a t a   o n   h o l d i n g s   a n d   o v e r a l l   p r i m e   M M F   a s s e t s .     N o n f i n a n c i a l   c o m m e r c i a l   p a p e r   t o t a l e d   $ 2 6 0 . 9 7   b i l l i o n   a s   
 o f   M a y   2 0 1 4 ,   a c c o r d i n g   t o   F e d e r a l   R e s e r v e   d a t a .   
 
  A R N O L D   &     P O R T E R     L L P   
 
 
 T h e   H o n o r a b l e   M a r y   J o   W h i t e   
 J u l y   1 8 ,   2 0 1 4   
 P a g e 4   
 
 p r i m e   M M F s   a l s o   p r o v i d e   f u n d i n g   t o   n o n f i n a n c i a l   f i r m s   t h r o u g h   t h e   p u r c h a s e   o f   
 c o r p o r a t e   n o t e s .     A s   o f   y e a r - e n d   2 0 1 3 ,   c o r p o r a t e   n o t e s   ( e x c l u s i v e   o f   b a n k   n o t e s ) ,   
 c o n s t i t u t e d   a n   a d d i t i o n a l   4 . 2 %   o f   p r i m e   M M F   h o l d i n g s .   1 2   
 
 W e   a n d   o t h e r   c o m m e n t e r s   p r e v i o u s l y   h a v e   o b j e c t e d   t o   b a n k   r e g u l a t o r s '     e f f o r t s   t o   
 
 i m p o s e   l i m i t a t i o n s   o n   M M F s   a s   a   b a c k - d o o r   a t t e m p t   t o   l i m i t   s h o r t   t e r m   b o r r o w i n g   b y   
 b a n k i n g   o r g a n i z a t i o n s   -   a n   e f f o r t   t h a t   h a s   s e r i o u s   c o l l a t e r a l   c o n s e q u e n c e s   f o r   
 n o n f i n a n c i a l   i s s u e r s   a n d ,   i n   a n y   e v e n t ,   i s   u n n e c e s s a r y ,   g i v e n   t h e   a u t h o r i t y   o f   b a n k   
 r e g u l a t o r s   t o   a d d r e s s   c o n c e r n s   a b o u t   b a n k i n g   o r g a n i z a t i o n s   d i r e c t l y .   1 3     W e   a l s o   h a v e   
 c o n s i s t e n t l y   a r g u e d   t h a t   a   d r a m a t i c   r e d u c t i o n   i n   p r i m e   M M F   a s s e t s   -   w h i c h   w e   a r e   
 c o n f i d e n t   w i l l   o c c u r   i f   t h e   C o m m i s s i o n   i m p o s e s   a   f l o a t i n g   N A V   r e q u i r e m e n t   o n   p r i m e   
 i n s t i t u t i o n a l   M M F s -   w i l l   a d v e r s e l y   a f f e c t   a c c e s s   t o   a n d   t h e   c o s t   o f   s h o r t - t e r m   f i n a n c i n g   
 f o r     i s s u e r s   o f   a l l   t y p e s ,   i n c l u d i n g   n o n f i n a n c i a l   i s s u e r s .     A s   w e   p o i n t e d   o u t ,   b a n k s   h a v e   
 b u i l t - i n   c o s t   i n e f f i c i e n c i e s   t h a t   a d d   3 0 0   b a s i s   p o i n t s   o r   m o r e   t o   t h e   c o s t   o f   b o r r o w i n g   
 f r o m   a   b a n k   a s     c o m p a r e d   t o   b o r r o w i n g   i n   t h e   c o m m e r c i a l   p a p e r   m a r k e t s .   1 4     T h e   m a j o r i t y   
 o f   i s s u e r s   i n   t h e   m o n e y   m a r k e t s   a r e   r e l a t i v e l y   s m a l l   i n   s i z e   a n d   a r e   n o t   w e l l   k n o w n ,   
 e x c e p t   t o   f i r m s -   p r i m a r i l y   M M F s -   t h a t   h a v e   s p e c i a l i z e d   c r e d i t   r e s e a r c h   d e p a r t m e n t s .     I f   
 p r i m e   M M F s   a r e   n o t   i n   a   p o s i t i o n   t o     i n v e s t ,   m a n y   o f   t h e s e   i s s u e r s   w o u l d   l o s e   d i r e c t   
 a c c e s s   t o   t h e   m o n e y   m a r k e t s   a l t o g e t h e r .     B u s i n e s s e s   w o u l d   b e   f o r c e d   t o   b o r r o w   f r o m   
 b a n k s ,   a t   f a r   h i g h e r   i n t e r e s t   r a t e s   a n d   o n   l e s s   f a v o r a b l e   t e r m s   t h a n   t h r o u g h   i s s u a n c e s   o f   
 n o n f i n a n c i a l   c o m m e r c i a l   p a p e r .     T h i s   u l t i m a t e l y   c o u l d   s l o w   t h e   e c o n o m i c   r e c o v e r y   j u s t   
 a s   p r i v a t e   b u s i n e s s e s   a r e   b e g i n n i n g   t o   e x p a n d .   
 
 1 2     I n v e s t m e n t   C o m p a n y   I n s t i t u t e ,   2 0 1 4 l n v e s t m e n t   C o m p a n y   F a c t b o o k   a t   T a b l e   4 4   ( M a y   1 4 ,   2 0 1 4 )   
 h t t p : /   / w w w . i c i . o r g / p d f / 2 0   1 4 _ f a c t b o o k . p d f .   
 
 1 3     L e t t e r   f r o m   A r n o l d   &   P o r t e r   L L P   o n   b e h a l f   o f   F e d e r a t e d   t o   C o m m i s s i o n   ( N o v .   2 1 ,   2 0 1 3 ) .     T h e   f e d e r a l   
 b a n k i n g   a g e n c i e s   a r e   a b l e   t o   r e g u l a t e   s h o r t - t e r m   b o r r o w i n g   b y   b a n k s   a n d   b a n k   h o l d i n g   c o m p a n i e s   d i r e c t l y ,   
 a n d   h a v e   p r o p o s e d   t o   d o   s o   u n d e r   t h e   " l i q u i d i t y   c o v e r a g e   r a t i o "   r u l e s   i m p l e m e n t i n g   B a s l e   I I I .     L i q u i d i t y   
 C o v e r a g e   R a t i o :   L i q u i d i t y   R i s k   M e a s u r e m e n t ,     S t a n d a r d s ,     a n d   M o n i t o r i n g ,     7 8     F e d .     R e g .   7 1 8 1 8   ( N o v .   2 9 ,   
 2 0 1 3 ) .   
 1 4     L e t t e r   f r o m   A r n o l d   &   P o r t e r   L L P   o n   b e h a l f   o f . F e d e r a t e d   t o   C o m m i s s i o n   a t   3   8 - 4 1     ( S e p t .     1 7 ,   2 0   1 3 )   
 ( a v a i l a b l e   i n   F i l e   N o .     S 7 - 0 3 - 1 3 )   ( l e t t e r   t i t l e d   " C o s t s   o f l m p l e m e n t i n g   t h e   P r o p o s a l s " ) .     T h e   d i s p a r i t y   i n   
 r a t e s   b e t w e e n   b a n k s   a n d   c o m m e r c i a l   p a p e r   h a s   g r o w n   e v e n   l a r g e r   s i n c e   o u r   S e p t e m b e r   2 0 1 3   a n a l y s i s .     A s   
 o f   J u l y   8 ,   2 0 1 4 ,   t h e   p r i m e   b a n k i n g   r a t e   o f 3 . 2 5   p e r c e n t   c o m p a r e s   w i t h   n o n f i n a n c i a l   c o m m e r c i a l   p a p e r   r a t e s   
 r a n g i n g   f r o m     . 0 6   t o     . 1   0   b a s i s   p o i n t s ,   a c c o r d i n g   t o   F e d e r a l   R e s e r v e   d a t a .     B o a r d   o f   G o v e r n o r s   o f   t h e   F e d e r a l   
 R e s e r v e   S y s t e m ,   S e l e c t e d   I n t e r e s t   R a t e s   ( D a i l y ) -   H . l 5   ( J u l y   8 ,   2 0 1 4 ) ,   
 h t t p : / / w w w   . f e d e r a l r e s e r v e . g o v / r e l e a s e s / h   1 5 / u p d a t e / .   
 
  A R N O L D   &     P O R T E R     L L P   
 
 T h e   H o n o r a b l e   M a r y   J o   W h i t e   
 J u l y   1 8 , 2 0 1 4   
 P a g e   5   
 
 I n   i t s   d e l i b e r a t i o n s   o v e r   t h e   e c o n o m i c   e f f e c t s   o f   i t s   r u l e m a k i n g ,   i n c l u d i n g   w h e t h e r   
 
 a   r u l e   w i l l   p r o m o t e   e f f i c i e n c y ,   c o m p e t i t i o n ,   a n d   c a p i t a l   f o r m a t i o n ,   1 5     t h e   C o m m i s s i o n   
 m u s t   t a k e   a   b r o a d   v i e w   o f   t h e   i m p o r t a n c e   o f   M M F   f u n d i n g   t o   t h e   n o n f i n a n c i a l   
 c o m m e r c i a l   p a p e r   m a r k e t .     A s   m a j o r   p u r c h a s e r s   o f   n o n f i n a n c i a l   c o m m e r c i a l   p a p e r ,   
 M M F s   p l a y   a n   i m p o r t a n t   r o l e   i n   p r o v i d i n g   l o w   c o s t   f i n a n c i n g   t o   b u s i n e s s e s   a s   t h e y   
 e x p a n d ,   c r e a t e   j o b s ,   a n d   f u e l   e c o n o m i c   g r o w t h .     A d o p t i n g   r e g u l a t o r y   c h a n g e s   t h a t   w o u l d   
 p u s h   a s s e t s   o u t   o f   p r i m e   M M F s   a n d   i n t o   b a n k s ,   s u c h   a s   r e q u i r i n g   t h a t   p r i m e   i n s t i t u t i o n a l   
 M M F s   u s e   a   f l o a t i n g   N A V ,   w o u l d   i n h i b i t   a c c e s s   b y   n o n f i n a n c i a l   b o r r o w e r s   t o   t h i s   l o w   
 c o s t   s o u r c e   o f   f i n a n c i n g   a n d   h a v e   a   d e l e t e r i o u s   i m p a c t   o n   e c o n o m i c   e f f i c i e n c y ,   c a p i t a l   
 f o r m a t i o n   a n d   c o m p e t i t i o n .     S u c h   a   r e s u l t   w o u l d   c o n t r a v e n e   t h e   C o m m i s s i o n ' s   o b l i g a t i o n   
 t o   c o n s i d e r   w h e t h e r   i t s   r u l e s   p r o m o t e   e f f i c i e n c y ,   c o m p e t i t i o n   a n d   c a p i t a l   f o r m a t i o n .   
 
 W e   t h a n k   y o u   f o r   c o n s i d e r i n g   o u r   v i e w s .     W e   w o u l d   b e   h a p p y   t o   d i s c u s s   t h e m   
 
 w i t h   y o u   f u r t h e r .   
 
 1 5     1 5     U . S . C .     §   8 0 a - 2 .   
 
 

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