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H.R. 2319/S. 1117 – The Importance of Restoring State and Local Government Access to Money Market Funds

New MMF regulations that were implemented in October 2016 are having major negative consequences for issuers and borrowers of debt held by money market funds. Specifically, Tax-Exempt MMFs (TE MMFs) are closing and assets are leaving. This is drying up a very important municipal financing conduit. Additionally, the flight of assets out of Prime MMFs is resulting in higher borrowing costs for municipalities as the pool of available capital decreases.

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H.R. 2319/S. 1117 – Restoring Money Market Mutual Funds for Disaster Recovery

As our states and communities seek to recover from some of the costliest natural disasters in our nation’s history, they need more than government disaster assistance to repair and rebuild homes, schools, hospitals, utilities, businesses, bridges, roads and other critical infrastructure. They need low-cost private sector financing, and money market funds are among the most

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Negative Impacts of New US Money Market Fund Regulations on Businesses and Municipalities

New Money Market Fund regulations which went into effect October 14, 2016 were intended to prevent future bailouts and enhance market stability. Instead, they have disrupted financial markets, hurt municipal and business borrowers, improved short term borrowing conditions for the U.S. government and agencies at the expense of investors and the private sector, and increased

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The Cost of Implementing the 2016 MMF Regulations

In 2014, the Securities and Exchange Commission (SEC) adopted new regulations for Money Market Funds (MMFs) which were implemented in Oct. 2016. The dust has now settled and we now know these regulations decimated both Prime and Tax Exempt, removing $1.2 trillion in capital from the private sector and raising the cost of borrowing for

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Money Market Fund Regulation Winners, Losers and Long-Term Consequences

New Money Market Fund regulations which went into effect October 14, 2016 were intended to prevent future bailouts and enhance market stability. Instead, they have disrupted financial markets, hurt business and municipal borrowers, and increased U.S. taxpayer bailout exposure in future market stress events. While there are winners and losers with any regulatory change, the magnitude of the shifts in

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Primary Bank Role Pays Huge Credit, Deposit and Services Dividends for Commercial Banks

Today, Novantas released the Treasury Strategies 2016 Corporate Treasury Survey revealing the primary bank position yields disproportionately large benefits in deposits and fees. The survey was conducted to study cash management and liquidity buying habits of middle market and large corporations, revenues between $50 million – $10 billion+, to better understand how corporates are responding

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Treasury Strategies update on IRS Rule 385 – the “final and temporary” rules

Treasury Strategies has been a high profile advocate on behalf of corporate and banking clients dealing with the regulatory fallout from the financial crisis. On Rule 385, we argued strongly on behalf of our corporate clients that the proposed changes threaten to disrupt routine daily cash management practices of most medium-size and large corporations and