A U.S. Treasury report on Capital Markets reform, "A Financial System That Creates Economic Opportunities," includes a couple brief mentions of money market funds. It says, "Changes to regulation since the financial crisis have driven changes in holdings of Treasury securities by the domestic banking sector and money market mutual funds. According to Federal Reserve data, U.S. chartered bank holdings of Treasury securities have grown from about $78 billion in 2007 to over $500 billion in the first quarter of 2017, due in part to U.S. Basel III capital requirements to hold greater amounts of high quality liquid assets (HQLA) since the financial crisis. Money market mutual fund holdings have grown from $92 billion to about $741 billion over the same period, primarily as a result of revised SEC rules on the securities money market funds can hold to retain a fixed net asset value. The Federal Reserve, through the System Open Market Account, is also a significant holder of Treasury securities; the Federal Open Market Committee recently announced it will begin normalizing its balance sheet." In other news, the Federal Reserve Bank of New York send a notice entitled, "Reverse repo counterparties list updated. They tell us, "JPMorgan 100% U.S. Treasury Securities Money Market Fund is no longer a reverse repo counterparty, effective August 21."

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