Fed presidents back money market fund reform
The presidents of 12 US federal reserve banks yesterday published a joint letter responding to the Financial Stability Oversight Council's (FSOC) proposal on money market mutual fund (MMF) reforms, which came out in November last year.
The new reforms are aimed at building on Securities and Exchange Commission (SEC) regulations adopted in 2010, which - according to the FSOC - still did not address the structural vulnerabilities of MMFs, so leaving them susceptible to destabilising runs, in
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