SEC = Securities and Exchange Commission
They want to prevent a “run” on money market funds.
Last paragraph of article:
Less controversial has been the idea of having money market funds impose fees or bar withdrawals in times of stress. The second option proposed by the SEC would do that. If a non-government money market fund’s weekly liquid assets fall below 15 percent of its total assets, it would have to impose a 2 percent fee on withdrawals, unless its board of directors decides that the fee works against the fund’s interests. A fund could also temporarily bar withdrawals once a it has crossed that liquid asset threshold.
Sounds suspiciously like a Crete solution.
Should be “Cyprus.”
I should have included the /s tag :)