The US Government contact the six main banks after their stock market crashes

The US Government contact the six main banks after their stock market crashes

US Treasury Secretary Steven Mnuchin spoke on the phone this weekend with the directors of the six major US banks in an attempt to offer reassurance after a week of losses on Wall Street.

In a statement, sent today to Efe, the Treasury informed that Mnuchin talked this weekend with the executive directors of the six major US banks.

Specifically, Mnuchin contacted Brian Moynihan, CEO of Bank of America; Michael Corbat, of Citigroup; David Solomon, of Goldman Sachs; Jamie Dimon, from JPMorgan Chase; Jamie Gorman, of Morgan Stanley; and Tim Sloan, of Wells Fargo.

According to Mnuchin, all of them agreed that they have "ample liquidity available to make loans to consumers, financial markets, and other market operations."

The head of the Treasury is scheduled to meet today with the Working Group on financial markets of US President Donald Trump, an entity that includes the board of governors of the Federal Reserve (Fed); as well as the Securities and Exchange Commission (SEC), among other agencies.

"We continue to see significant growth in the US economy with robust consumer and business activity," Mnuchin said in the note.

Currently, the USA lives a good economic moment with an unemployment rate of 3.7%, at minimums of almost half a century, and inflation close to the annual goal of 2%.

However, in recent months, Wall Street has shown weakness, and the Industrial Dow Jones, its main indicator, has fallen by 12% since October.

In fact, Wall Street closed its worst week on Friday since the 2008 financial crisis.

The situation unsettles Trump, who is evaluating the possibility of dismissing the Federal Reserve (Fed) President, Jerome Powell, after the agency raised interest rates last week, according to local media, citing officials familiar with the situation. the case.

Mnuchin has rejected that information and, this weekend, he assured on Twitter that the president does not plan to dismiss Powell.


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