President Joe Biden’s top economic adviser Lael Brainard met with JPMorgan Chase & Co. Chief Executive Jamie Dimon on Wednesday, as financial services executives and government officials seek to shore up troubled regional banks.
(Bloomberg) — President Joe Biden’s top economic adviser Lael Brainard met with JPMorgan Chase & Co. Chief Executive Jamie Dimon on Wednesday, as financial services executives and government officials seek to shore up troubled regional banks.
Brainard met with Dimon and other business leaders at the Financial Services Forum, according to a person familiar with the matter who requested anonymity to discuss the private meeting. The discussion, earlier reported by Reuters, was part of a series of meetings Brainard has had since taking over the National Economic Council with business, labor, advocacy, and academic leaders, the person said.
White House Press Secretary Karine Jean-Pierre declined to detail what she described as “private conversations.”
Banking leaders at the forum are expected to discuss how to assist ailing smaller banks, including San Francisco-based First Republic Bank, which is seeking help as it grapples with a book of underwater loans and securities.
First Republic’s stock fell further on Wednesday after the Federal Reserve again raised interest rates and Treasury Secretary Janet Yellen told lawmakers the administration was not looking to guarantee uninsured bank deposits at this time.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.