We also reduced the maximum interest rate paid on funds held at the Central Bank without full minimum requirements from 75 to 50 percent of the BADLAR rate for private banks; and reduced the interest rate paid on the liquidity requirements on money market funds from a nominal year-over-year 2.55 percent rate to a nominal year-over-year 0.5 percent rate.
In testifying before this committee in February, I noted my hope and expectation that this year would be the beginning of the end of our implementation of the major provisions of the Dodd-Frank Act. Seven months later, we are on track to fulfill that expectation.