Barron's features "Money-Market Funds to Get More Safeguards", which says, "The Washington-based Investment Company Institute, the mutual funds' trade group, last week released a list of reforms proposed by its money-market-fund working group, formed last fall after the Reserve fund debacle, and said it was lobbying for the extension so members could have time to implement the recommendations.... The proposals include setting minimum levels of liquidity, shortening duration, or the length of maturities, and avoiding securities rated single-A or below, or some equivalent, by the credit-rating agencies. The industry hopes this guidance will set the framework for discussion on reforms expected from the Securities and Exchange Commission." The piece quotes Joe Lynagh, portfolio manager at T. Rowe Price (who will be profiled in the April issue of Money Fund Intelligence), "In general, the fund industry polices itself very well, and money markets are a vital part of the overall flow of credit." Also, see the Bond Buyer's "Geithner Eyes VR Liquidity Backstop", which discusses the "possibility of a liquidity backstop for variable-rate debt, to 'reinforce' some improvement that has occurred in the municipal market." Finally, see Bloomberg's "Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard".

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