id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1763	Crochran, Martha L.; Freeman, David F.; Clark, Helen Mayer	Money Market Fund Reform: SEC Rulemaking in the FSOC Era	2016	106	.pdf	application/pdf	38802	1534	49	[Vol. 2015 half years after the law’s enactment, and the proposed rules provide few details on how the Fed intends to proceed.152 Money market funds were the first institutions to recover from the financial crisis, as evidenced by the fact that after September 19, 2008, when the temporary guarantee program was capped, and through year end 2008, investors poured a net $170 billion of uninsured investments back into prime money market funds.153 In contrast, banks and other institutions continued to draw from Fed and Treasury borrowing programs, including $1.5 trillion through the discount window and special liquidity programs set up by the Federal Reserve during the financial crisis,154 $204.9 billion distributed under the TARP’s Capital Purchase Program to a total of 707 depository institutions, and even over $80 billion to bail out the automobile industry.155 Therefore, while it is accurate to state that money market funds ultimately were hit by the financial crisis and that they participated in government programs to help staunch the panic, it is not accurate to suggest that the structural features of money market funds—namely their ability to 152 Extensions of Credit by Federal Reserve Banks, supra note 148, at 615–17. Money market funds also were the first institutions to be subject to comprehensive new regulation—the SEC’s 2010 amendments to its money market fund rules, which directly addressed and enhanced money market fund liquidity, credit quality, transparency, and regulatory monitoring, making money market funds more resilient to future market turmoil.156 V. THE SEC’S	cache/cblr-1763.pdf	txt/cblr-1763.txt