Subject: Opposing File Number S7-26-22
Form Type C

Dear Chairman Gensler,

As one of the more than 100 million Americans who invest in mutual funds, I am writing in opposition to File Number S7-26-22, the SEC’s proposed rule on open-end fund liquidity and swing pricing. 

My mutual funds are a key part of my retirement plan. More than half of 401(k) assets in America are held in mutual funds, and the SEC’s proposed rule to mandate swing pricing will seriously harm long-term savers, like myself. Specifically implementing the ‘hard close’ will likely make it impossible for my 401(k) plan to place timely trade orders on my behalf. 

While the SEC’s proposal is about liquidity, it fails to note that mutual funds are highly liquid products. The SEC needs to pay attention to the data that the Investment Company Institute has provided before recommending such drastic changes that have no obvious benefit to shareholders.

The SEC’s proposal would fundamentally disrupt funds’ current practices, upend long-standing approaches to calculating share prices, and ultimately make investing more confusing for everyday Americans trying to retire or save for their long-term goals. The bottom line: the SEC needs to go back to the drawing board, drop this reckless proposal, and let mutual funds continue to serve American shareholders.