On July 19th, the Federal Reserve Bank of New York published a staff report describing a proposal for money market mutual fund ("MMF") reform. The report discusses a proposal to mitigate the vulnerability of MMFs to runs by introducing a "minimum balance at risk" ("MBR") that that would provide a disincentive to withdraw funds from a troubled money fund. The MBR would be a small fraction of each shareholder's recent balances that would be set aside in the event that they withdrew from the fund. Most regular transactions in the fund would continue as before, but redemptions of the MBR would be delayed for thirty days. The delay would ensure that redeeming investors remain partially invested in the fund long enough to share in any imminent portfolio losses or costs arising from their redemptions. Federal Reserve Bank of New York Press Release.