As expected the Department of the Treasury allows the insurance program backing money market funds to expire on Friday.

“As the risk of catastrophic failure of the financial system has receded, the need for some of the emergency programs put in place during the most acute phase of the crisis has receded as well,” said Treasury Secretary Timothy Geithner, who added that the $1.2 billion that the government has collected in participation fees has been a boon for taxpayers.

“The Guarantee Program for Money Market Funds served its purpose of adding stability to the money market mutual fund industry during market disruptions last fall and ultimately delivered a healthy return to taxpayers.”

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