MMIFF. Funding mechanism created by the Federal Reserve in 2008 to provide $540 billion in financing to help the money market mutual fund industry. The program, similar to many created by the Federal Reserve, is used to increase liquidity and/or provide cash for market investors. Through this mechanism, the Federal Reserve Bank of New York provides secured funding to various conduits to purchase acceptable assets from eligible investors. Eligible investors include U.S. money market mutual funds and acceptable assets include U.S. dollar-denominated certificates of deposit and commercial paper issued by highly rated financial institutions. The assets must have a maturity date 90 days or less. The program was authorized under Section 13(3) of the Federal Reserve Act.

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