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The U.S. Treasury Department has established a Temporary Guarantee Program for Money Market Funds. Under this program, the U.S. Treasury will guarantee to investors that they will receive $1 for each money market fund share held as of close of business on September 19, 2008. Eligible funds must be regulated under Rule 2a-7 of the Investment Company Act of 1940, must maintain a stable share price of $1 and must be publicly offered and registered with the Securities and Exchange Commission. Both taxable and non-taxable funds are eligible for this program. To participate in the program, eligible funds must pay a fee and complete the Guarantee Agreement and corresponding documents found on this page. As this program covers all shareholders in a participating eligible fund as of close of business on September 19, 2008, individual investors cannot sign-up for the program.
President George W. Bush approved the use of existing authorities by Secretary Henry M. Paulson, Jr. to make available as necessary the assets of the Exchange Stabilization Fund to support the Program.
Money market funds play an important role as an investment vehicle for many Americans; they are also a fundamental source of financing for our capital markets and financial institutions. Maintaining confidence in the money market fund industry is critical to protecting the integrity and stability of the global financial system. This action will enhance market confidence and alleviate investors' concerns about the ability for money market mutual funds to absorb a loss.
Guarantee Agreement and Related Documents
Announcements
Last Updated:
November 25, 2008
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