ICI Statement On Treasury, Fed Market Measures
Washington, DC, September 19, 2008 - ICI President and CEO Paul Schott Stevens issued the following statement in response to measures announced today by U.S. Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke to stabilize U.S. financial markets:
“Secretary Paulson and Federal Reserve Chairman Bernanke took decisive action this morning to protect investors from the effects of the severe liquidity problems that have strained U.S. and global financial markets.
“The steps they have taken should help free up trading in commercial paper and other key markets in which money market mutual funds and others participate.
“We believe these actions will go a long way to restoring order in the markets and building investor confidence after a period of extraordinary turmoil that has affected money market mutual funds and other financial products.”