On Wednesday night, the U.S. Federal Reserve rolled out its third emergency credit program in two days and announced that it would loan money to banks that offer as collateral assets purchased from money market mutual funds.

The new loan facility, routed through the Boston Federal Reserve bank, offers “support for the flow of credit to households and businesses” by ensuring that the $3.8 trillion money market mutual fund industry can sell its holdings of U.S. Treasury bonds and other high quality assets at full value if investors ask to withdraw their cash.

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