Money Market Account Reforms Ordered by SEC - What's the Impact?

Hey Money Board crew....

So I was reading this article on Vanguard about the reforms the SEC has demanded for Money Market Accounts beginning in October. After skimming the article, it's hard to tell how this might affect the average consumer.

Money experts - what's your take on how this might affect consumers and/or investors if at all?

quote:

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Money market reform is a new set of SEC rule amendments meant to address any potential financial instability that could be caused by money market funds.
Here are the key elements:
Establishes three categories of money market funds—retail, government, and institutional.
Restricts who can invest in retail money market funds.
Continues to seek a stable $1 net asset value (NAV) for retail and government funds, but requires institutional funds to have floating NAVs like other mutual funds.
Allows certain funds to impose liquidity fees and temporarily suspend withdrawals (known as gates) in certain circumstances.
The deadline for mutual funds to comply with the rules is October 14, 2016. More information will be available in 2016.

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