The start of the Covid-19 pandemic led to a familiar wave of stress in money-market funds, which companies and consumers use like checking accounts to store their ready cash. The Federal Reserve had to step in toIt was a dysfunction that wasn’t meant to happen. Several rounds of reforms globally had aimed to strengthen money-market funds after they buckled during the 2008 financial crisis.
Now the Financial Stability Board, which brings together regulators from around the world, has proposed another round of changes in an attempt to minimize the likelihood that central banks ever have to step in and support markets., is focusing on reforms that would discourage investors from pulling out cash at times of stress, or ensure the private-sector, not taxpayers, support funds in a liquidity crisis.
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