Markets Wired

WASHINGTON — U.S. Secretary of the Treasury Janet L. Yellen held a virtual roundtable with CEOs of regional banks today to discuss the state of the economy and the Biden-Harris Administration’s economic agenda.

The Secretary noted that regional banks have played a critical role in implementing some of the most significant aspects of the American Rescue Plan (ARP), such as the Child Tax Credit (CTC) and Economic Impact Payments (EIP), as well as supporting local community lenders and minority-owned small businesses.

Secretary Yellen highlighted the progress of the economic recovery and discussed how the recently passed bipartisan infrastructure law will increase long-term economic growth and American competitiveness. She also stressed the importance of President Biden’s Build Back Better Act to lower costs for families, boost labor force participation, and tackle vital issues like climate change.

Secretary Yellen and the CEOs also discussed the urgent need for Congress to raise or suspend the debt limit and noted the progress being made on Capitol Hill to protect the full faith and credit of the United States.

The participants also discussed work being done by the banking sector to account for climate-related financial risks, in addition to new equity initiatives and cybersecurity challenges.

Attendees included:

• Greg Braca, President and CEO, TD Bank
• Andy Cecere, Chairman, CEO and President, U.S. Bank
• William S. Demchak, Chairman, CEO, and President, PNC Financial Services Group
• Richard Dana Fairbank, Chairman and CEO, Capital One Financial Corporation
• Christopher M. Gorman, Chairman, CEO and President, KeyCorp
• René F. Jones, Chairman and CEO, M&T Bank
• William H. “Bill” Rogers Jr., CEO, Truist Financial Corporation
• Bruce Van Saun, Chairman and CEO, Citizens Financial Group
• Tim Spence, President, Fifth Third Bancorp
• John Turner, CEO and President, Regions Financial Corporation