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Without an overhaul of money funds, "our financial system will remain vulnerable to runs and instability," Geithner wrote.
A report issued by the oversight council in July identified money funds as one of the risks to U.S. financial stability. The collapse of the Reserve Primary Fund in 2008 created a scare that led the government to temporarily guarantee money fund assets so investors could be assured they would be protected from losses.
Members of the council also include Federal Reserve Chairman Ben Bernanke, Schapiro and Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp.
[Associated
Press;
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