The US Treasury on Friday also announced aid for money market funds, to guarantee the holdings and pre-empt spillover of the crisis to the $3,400bn (€2,360bn; £1,850bn) of US money market funds outstanding. This is a temporary guarantee programme by tapping the Exchange Stabilisation Fund (first established by the Gold Reserve Act of 1934 in response to the Great Depression. This allows the US Treasury to insure the holdings of any publicly offered and fee-registered money market mutual fund, retail and institutional up to $50bn to guarantee payments. The 1934 act permits the secretary of the Treasury to deal in gold, foreign exchange, and other instruments of credit and securities consistent with the obligations of the US government in the International Monetary Fund to promote international financial stability that is three types of assets: US dollars, foreign currencies and special drawing rights (SDR) used to purchase or sell foreign currencies, hold US foreign exchange and SDR assets, and provide financing to foreign governments. All operations of the ESF require the explicit authorisation of the secretary of the Treasury. Hank Paulson's office is responsible for US international monetary and financial policy, including exchange market intervention policy. Money funds held more than $3,400bn in investor funds according to the most recent industry tally released on Thursday, down almost $170bn from the previous week.