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On March 18, 2020, the Board of Governors of the Federal Reserve System established a facility that will provide liquidity to certain types of money market mutual funds (“MMFs”) by making secured loans to financial institutions that purchase certain assets from MMFs (the Money Market Mutual Fund Liquidity Facility, or “MMLF”). The MMLF is intended to support prime, state and municipal MMFs that experience significant stress in the coming days in the event that investors seek to liquidate MMF shares into cash. In a post on our COVID-19 Response Blog, we provide further detail on the initial announcement and subsequent answers to frequently asked questions.

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