Another comment letter has been posted in belated response to the President'​s Working Group Report on Money Market Fund Reform. The latest is from John D. Hawke, Jr., of Arnold and Porter, LLP on behalf of Federated Investors. Hawke writes, "Enclosed is a copy of comments we submitted on behalf of our client, Federated Investors, to the Financial Stability Oversight Council on the Council'​s Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies. As you are aware, we believe designation of money funds as systemically significant under the Dodd-​Frank Act would be inappropriate and could have serious adverse consequences. The Commission'​s robust regulation and oversight of money funds has been very successful. Moreover, the Commission has recently enhanced its regulations so that money funds are even more liquid, transparent and stable than ever before. Indeed, as discussed in the attached comments, this past summer money funds were able to meet shareholder requests for redemptions during periods of significant turmoil. Under these circumstances, making further substantial changes to the regulation of money funds at this time is not warranted. In any event, the standards that could be applied to firms designated as systemically important financial institutions are not appropriate for money funds. I hope that the enclosed letter to the FSOC will be helpful to the Commission and we appreciate the opportunity to provide you with our thoughts."

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