In 2008, the $60 billion Reserve Primary Fund, the oldest money market fund in the United States, broke the buck – net asset value (NAV) dropped below $1 per share. This drop in NAV was caused by the bankruptcy of Lehman Brothers, in which the Reserve Primary Fund had made significant investments. Lehman’s bankruptcy led to a “flight to quality” by risk-averse investors, which resulted in a bank run on money market funds by investors who feared that more funds would break the buck. Since then, the Securities and Exchange Commission (SEC) has implemented several regulatory reforms designed to enhance the stability of money market funds so as to prevent them from breaking the buck. In 2014, th