Yesterday, the U.S. Treasury released the statement, "Treasury Announces Conclusion of Enrollment Period for Temporary Money Market Guarantee Program and Technical Correction". The brief says, "The Treasury Department announced today a technical correction that would permit additional money market funds to participate in Treasury's Temporary Money Market Fund Guarantee Program. Funds that have a policy of maintaining a stable net asset value or share price that is greater than $1.00 and had such policy on September 19, 2008 are now eligible to participate, provided the fund meets all of the other original requirements." Crane Data believes this is meant to include variable annuity money funds such as the $12.5+ billion CREF Money Market Account. (See TIAA-CREF's statement.) Treasury says, "The enrollment deadline for these funds that are now eligible as a result of this technical correction is 11:59 p.m. Washington, DC time on October 10, 2008. This technical correction does not extend the original deadline [last night at midnight] for funds that maintain a stable share price of $1.00 and that qualified under the program originally announced on September 29, 2008."
