The SEC is proposing changes to MMFs. There are three key pieces (plus an enhanced reporting requirement):
- Increase liquidity - this could potentially decrease yields, but since yields are already at 0.01% and positive only because of subsidies, we're unlikely to see them go any lower.
- Remove the gating/fee requirements on fund redemptions. This is the change that appears most significant for retail investors - one will no longer have to worry about being able to get money out of prime or muni MMFs without paying a redemption fee.
- Implement swing pricing on institutional funds. Not going to explain this, since it affects only institutional MMFs.
The fact sheet seems to be the best place to start.
Press release: https://www.sec.gov/news/press-release/2021-258
Full text of proposal (325 pages): https://www.sec.gov/rules/proposed/2021/ic-34441.pdf
Fact sheet: https://www.sec.gov/rules/proposed/2021/ic-34441-fact-sheet.pdf
If you want to submit a comment to the SEC, you can do so here:https://www.sec.gov/rules/proposed.shtml
(look for Money Market Reforms and its submit comments link)