WASHINGTON—The Trump administration is asking Congress for authority to develop guarantee programs for the $4 trillion money-market mutual-fund industry, as part of its broader effort to calm turmoil sparked by the novel coronavirus epidemic. The effort would require Congress to suspend restrictions on the Exchange Stabilization Fund, according to a memo viewed by The Wall Street Journal. Its use to backstop money funds during the 2008 crisis contributed to a popular uproar over Wall Street bailouts and prompted Congress to...

Source: Wall Street Journal March 18, 2020 15:52 UTC