The U.S. Treasury this morning offered temporary insurance for money-market funds, attempting to restore confidence in one of the economy's important safe-haven investments.
At a morning news conference, Treasury Secretary Henry M. Paulson Jr. described the move as one of a number of "powerful tactical steps to increase confidence in the system." In addition to Treasury's action, the Securities and Exchange Commission placed a two-week ban on short selling the stocks of 799 financial companies, and the Federal Reserve announced it would expand take further steps to increase the flow of money to banks and financial firms.
Read full story: Washington Post Treasury to Temporarily Guarantee Money Market Funds
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