Administration urges patience on bailout

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The central bank will tap its Depression-era emergency powers to buy up to $540 billion of commercial paper - the crucial short-term loans on which many companies rely for day-to-day operations - from money market mutual funds.

The central bank’s new program, called the Money Market Investor Funding Facility, is designed to provide liquidity to money market funds by backing purchases of short-term debt, including certificates of deposit and commercial paper. The purchases would be limited to debt that expires in three months or less.

• This article is based in part on wire service reports.

• Are you saving up — or trying to — for retirement? The Washington Times is looking to speak with consumers nearing retirement about their plans, and if or how they’ve changed in the wake of the recent market turmoil. E-mail Kara Rowland or call 202/636-3139.

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