Steven Mnuchin calls top bank CEOs after last week’s market meltdown

By: Joe T.

Treasury Secretary Steven Mnuchin phoned the heads of the largest US banks on Sunday to make sure they had enough cash in expectation of a jittery market opening on Wall Street.

Mnuchin, who was reportedly vacationing in Cabo, released a statement that said the CEOs of six large banks confirmed they had enough liquidity for lending and market activities.

The calls — to banks such as Goldman Sachs, JP Morgan, and Wells Fargo — came hours before the markets were set to open on Monday, after suffering the worst week in a decade.

CNN reported that Mnuchin was visiting his children in Cabo San Lucas, Mexico, and wanted to prepare for Monday’s opening.

The Treasury Department added that Mnuchin would convene a working group on financial markets on Monday.

“We continue to see strong economic growth in the US economy with robust activity from consumers and business,” Mnuchin said in a statement.

The Dow Jones fell 6.9 percent last week, raising concerns about a bear market after investors reaped years of market gains.