Regulators’ group gathers for rare call to discuss impact on markets, economy of coronavirus

Federal financial regulators joined in a conference call Tuesday with the Treasury secretary to discuss recent market conditions and activity related to the economic impact of the spread of the coronavirus, the Treasury Department said.

The President’s Working Group on Financial Markets – a subset of the Treasury’s Financial Stability Oversight Council (FSOC) – met for the discussion. The group meeting included financial institution regulators Federal Reserve Board Chair Jerome H. (“Jay”) Powell, Federal Reserve Board Vice Chair for Supervision Randal Quarles, Federal Deposit Insurance Corp. Board Chairman Jelena McWilliams, Comptroller of the Currency Joseph Otting.

Also part of the group were Treasury Secretary Stephen Mnuchin, Federal Reserve Bank of New York President John Williams, Securities and Exchange (SEC) Chairman Jay Clayton and Commodities Futures Trading Commission (CFTC) Chairman Heath Tarbert.

According to a readout released by Treasury, the group shared updates on the resilience of the markets and the economic impact of the coronavirus (COVID-19).

The Treasury also said a March 23 meeting of the full FSOC will be held to discuss similar issues. Tuesday’s meeting was the first of the subgroup since 2018 following a broad sell-off in the stock market.