The Financial Stability Oversight Council said it supports "the implementation of structural reforms to mitigate the run risk" in money-market funds.

"These reforms are intended to address the structural features" in funds that caused a freezing of short-term credit markets after the failure of the Reserve Primary Fund in 2008, the FSOC said in a report to Congress released today.

The FSOC said it was focused on "structural vulnerabilities" in the tri-party repo market and cited "potential threats from the crisis in Europe."

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