For some light afternoon reading, try Thomas Vartanian's letter to the FSOC on money fund reform.

Vartanian is the chair of Dechert LLP's financial institutions practice, and his letter wades into the legal and regulatory details of MMF reform. He's writing in response to Tim Geithner's letter from last month, in which Geithner, the chair of the FSOC, urges the council to take up the reforms that SEC head Mary Schapiro had abandoned.

Vartanian calls Geithner's request "unprecedented" and thinks the FSOC is trying to rush rules through without considering the consequences. Then he lays out the details that need to be addressed. 

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