Yellen to meet with Jamie Dimon and other bank CEOs on Thursday as debt ceiling crisis looms
Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington.
By Matt Egan, CNN
New York (CNN) — With time running out to reach a deal on the debt ceiling, Treasury Secretary Janet Yellen plans to meet with bank CEOs on Thursday afternoon in Washington, sources tell CNN.
JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser plan to attend the Yellen meeting, which will very likely include a focus on the debt ceiling as well as the banking crisis, people familiar with the matter told CNN. Bank of America confirmed to CNN that its CEO, Brian Moynihan, also plans to attend.
The huddle with bank executives is part of an annual meeting held by the Bank Policy Institute, a financial trade group that represents dozens of banks including Goldman Sachs, Wells Fargo and Citigroup.
The Treasury Department previously confirmed that Yellen plans to meet this week with the Bank Policy Institute’s board of directors, which is chaired by Dimon and includes the CEOs of BNY Mellon, Citigroup and Truist.
Dimon has been outspoken on the debt ceiling, warning last week in a Bloomberg interview that a default would be “potentially catastrophic” and risks setting off “panic” in financial markets.
As the White House and Republican leaders struggle to reach a deal on the debt ceiling, Yellen has stepped up her warnings about the economic stakes.
“Time is running out,” Yellen said in a speech before the banking industry on Tuesday. “The US economy hangs in the balance. The livelihoods of millions of Americans do too. There is no time to waste.”
Yellen has also been calling CEOs and business leaders to discuss the consequences of brinksmanship around the debt ceiling, CNN previously reported.
The debt ceiling is not necessarily the focus of the meeting, which will also include regional bank CEOs at a time when that industry is in turmoil.
The banking crisis and the government’s response to this moment of stress is also likely to be discussed at Thursday’s meeting, a person familiar with the matter tells CNN.
Yellen is also likely not the only figure from Washington who will speak before the bank CEOs this week. Previous meetings have featured a range of lawmakers and regulators.
The-CNN-Wire
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