February 28, 2020

The Hill: Warren presses big banks on preparation for coronavirus fallout

WASHINGTON - Sen. Elizabeth Warren (D-Mass.), a Democratic presidential candidate, pressed the chief executives of five major U.S. banks on how they are preparing for the potential financial damage of the coronavirus outbreak.

In a series of Friday letters, Warren asked the chiefs of JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley to explain how they will "evaluate the risks to your institution and its customers associated with coronavirus, the extent to which your institution is exposed to those risks and prepared to absord their impact, and how you are monitoring the developments going forward."

All five of the banks questioned by Warren are considered "globally systematically important" under federal regulations, or big and interconnected enough to trigger an international financial panic upon their collapse. The banks are subjected to strict federal oversight and capital requirements, and could be liquidated by the federal government if they fail.

Read the full article from The Hill here.

By:  Sylvan Lane
Source: The Hill