ICMA co-signed a letter regarding money market mutual funds (“MMMFs”). On June 5, 2013, the Securities and Exchange Commission approved proposed rules for MMMF reform, which include the option of requiring a floating net asset value (“NAV”) for institutional prime and tax-exempt funds. ICMA and co-signers remain concerned about the impact of a floating NAV on the use of MMMFs for cash management and on these funds’ ability to provide municipal financing. ICMA has worked hard to ensure the preservation of this vehicle for cash management and financing of governments’ essential short-term needs.