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for your troubles, Bruce. I received your package, but was still unable to read it. I suspect the pdf is embedded with some font Fortunately, I've read the draft bill at publicmarkup.org.

Do you have any comment on Sec. 10, Maintaining Insurance Parity?

(c) MONEY MARKET FUND AUTHORITY.
1. IN GENERAL. The Secretary is authorized to establish an insurance or guarantee program for money market mutual funds in connection with the program authorized by this Act.
[...]
(d) LIMITATION ON INSURED AMOUNTS.
1.DEPOSIT INSURANCE MODEL. Any action by the Secretary or a program to provide guarantees or insurance to the money market mutual fund industry shall not provide insurance in excess of the amount of insurance provided to any depositor under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.).

2. PREMIUMS.In exchange for providing such a guarantee or insurance, the Secretary shall charge premiums to those money market funds which receive the insurance. The rate charged by the Secretary shall be equivalent to the rate charged by the Corporation to deposit insurance providers, respectively, for such insurance.

12 USC 16 table of contents; more pertinent 12 USC 1821 for purposes of modeling this new agency.

At the moment, I'm having extreme difficulty imagining how firms' premiums alone will fund such a trust fund, among other marketing and prudential conflicts with the Fannies.

Diversity is the key to economic and political evolution.

by Cat on Sat Sep 27th, 2008 at 12:32:40 PM EST

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