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Wall Street Bankers Meet With Treasury Officials as Debt Deadline Looms

Friday, July 29, 2011

As Congress continues the debate raising the nation's debt ceiling, executives at the nation's largest banks are meeting with Treasury officials at the Federal Reserve Bank of New York.

The Treasury Department regularly meets with bankers and other bond traders that buy government securities. 

The meeting on Friday, however, will give executives at 20 of the largest financial institutions — such as Goldman Sachs, JP Morgan and Bank of America — the chance to learn from Treasury officials about what will happen if Congress fails to raise the borrowing limit before the August second deadline.

It will also allow the banks to express their concerns about the consequences if the government defaults on its debt. 

Several bank CEOs — including Vikram Pandit at Citigroup, Lloyd Blankfein at Goldman Sachs and Jamie Dimon at JP Morgan — wrote to President Barack Obama and Congress urging them to act, saying the "consequences of inaction ... would be very grave."

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