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Friday, September 19, 2008

ICI Gives Props to Money Market Plan

News summary by MFWire's editors

ICI president and CEO Paul Schott Stevens has applauded the Treasury and Federal Reserve's plan to save the markets. Stevens said he believes the actions will go a long way towards soothing the turmoil in the money market fund sector which was hit with severe redemptions following The Reserve's announcement that its Primary Fund has broken the buck on Tuesday.

Company Press Release

Washington, DC, September 19, 2008 - ICI President and CEO Paul Schott Stevens issued the following statement in response to measures announced today by U.S. Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke to stabilize U.S. financial markets:

“Secretary Paulson and Federal Reserve Chairman Bernanke took decisive action this morning to protect investors from the effects of the severe liquidity problems that have strained U.S. and global financial markets.

“The steps they have taken should help free up trading in commercial paper and other key markets in which money market mutual funds and others participate.

“We believe these actions will go a long way toward restoring order in the markets and building investor confidence after a period of extraordinary turmoil that has affected money market mutual funds and other financial products.”

Edited by: Erin Kello

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