Money market reform just got more pushback from a familiar opponent: the U.S. Chamber of Commerce.

The Chamber of Commerce's Center for Markets Competitiveness sent a letter to the Financial Stability Oversight Council today opposing any regulatory actions on MMF reform, which it says would harm the economy. The letter claims that the many businesses represented by the Chamber of Commerce "depend on money market mutual funds as an efficient and critical financial tool," and that reform "would impede our ability to sustain economic growth and create jobs."

The letter says that the reforms that the FSOC is considering -- and which its chairman, Tim Geithner, has asked the Council to move forward -- "will have a significant and adverse impact on the vitality of the organizations that we represent," and calls for "a different approach that begins with the SEC focusing only on necessary reforms that will strengthen rather than destroy a product we rely on."

The letter is signed by eighteen industry and state associations, in addition to the U.S. Chamber of Commerce.

This the second letter that the Chamber's Center for Capital Markets Competitiveness has sent to Geithner, and it has also held a roundtable on the subject. 

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