U.S. Treasury Secretary Janet Yellen will reportedly meet with the chief executives of some of America’s largest banks this week as the country grapples with ongoing jitters over the banking system and the threat of the nation defaulting on its debt.
Yellen plans to attend the annual meeting of the Bank Policy Institute Thursday in Washington, D.C., which the CEOs of several major institutions plan to attend, including Bank of America’s Brian Moynihan, JPMorgan’s Jamie Dimon and Citigroup’s Jane Fraser, CNN Business reported, citing sources familiar with plans.
BPI is a trade group representing the nation’s largest lenders on public policy and advocacy. Moynihan, Dimon and Fraser all sit on its board, along with the CEOs of Wells Fargo, First Horizon, U.S. Bankcorp, and other major banks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 134.32 | -0.91 | -0.67% |
| BAC | BANK OF AMERICA CORP. | 27.36 | -0.29 | -1.05% |
| C | CITIGROUP INC. | 45.28 | -0.77 | -1.67% |
| WFC | WELLS FARGO & CO. | 38.39 | -0.40 | -1.03% |
| GS | THE GOLDMAN SACHS GROUP INC. | 320.81 | -1.26 | -0.39% |
| MS | MORGAN STANLEY | 81.86 | -1.09 | -1.31% |
| BK | THE BANK OF NEW YORK MELLON CORP. | 39.67 | -1.03 | -2.53% |
| STT | STATE STREET CORP. | 66.68 | -1.31 | -1.93% |
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According to the outlet, the discussion “will very likely include a focus on the debt ceiling as well as the banking crisis.”
News of Yellen’s plan to meet with major banks comes amid a prolonged standoff over the debt limit. Republicans, who control the House, passed a debt limit increase that also includes spending cuts. In turn, President Biden and fellow Democrats, who control the Senate, have refused to negotiate and insisted on a “clean” debt ceiling bill that does not include any cuts.
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But time is running out. Yellen warned earlier this month the country could run out of money as early as June 1 if the ceiling is not raised, a situation Dimon recently said would be “potentially catastrophic.”
Dimon revealed in a wide-ranging interview with Bloomberg TV last week that JPMorgan, the largest U.S. bank, with $3.7 trillion in assets, is preparing for the risk of a default, convening weekly “war room” meetings that will increase in frequency as the deadline draws near.
FOX Business’ Megan Henney contributed to this report.
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