Skip to content
Subscriber Only

Warren Presses Mnuchin Over Christmas Eve Call With Regulators

  • Investors were spooked by call to President’s Working Group
  • Senator asks Treasury secretary to provide details by Jan. 28
Elizabeth Warren
Elizabeth WarrenPhotographer: Daniel Acker/Bloomberg
Updated on

Senator Elizabeth Warren has asked Treasury Secretary Steven Mnuchin to explain his emergency phone call with financial regulators on Christmas Eve that spooked investors, triggering memories of a market liquidity crisis.

In the final weeks of December, the S&P 500 was in the midst of a 7 percent drop -- bringing equities to the brink of a bear market. The U.S. government’s partial shutdown had started, and Bloomberg News had reported that President Donald Trump had discussed firing Federal Reserve Chairman Jerome Powell. The Fed had drawn the president’s ire after a hawkish statement signaling further rate hikes that roiled markets.