Trump to dine with Wall Street chieftains
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President Trump at a recent White House dinner. Photo: Andrew Harnik/Getty Images.
President Trump is hosting a White House dinner with the CEOs of financial giants like JPMorgan Chase and BlackRock on Wednesday night, per news reports.
Why it matters: Trump administration policies have so far been a boon for Wall Street, not so much for Main Street, as concerns mount over affordability, housing and jobs.
Zoom in: Trump is scheduled to host a private dinner at the White House at 7:30pm, according to the White House.
By the names: Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will both be at the dinner, CBS News reported. Among the executives who have been invited, according to various news reports, are:
- Jamie Dimon, CEO of JPMorgan.
- David Solomon, CEO of Goldman Sachs.
- Adena Friedman, CEO of Nasdaq.
- Ted Pick, CEO of Morgan Stanley.
- Stephen Schwarzman, CEO of Blackstone,
- Larry Fink, CEO of BlackRock.
Zoom out: Under Trump, Wall Street has benefited from a lighter regulatory touch, lower taxes and the promise of a lucrative payday in the potential IPOs of Fannie Mae and Freddie Mac.
- Those policies helped spur a wave of deal-making whose fees and borrowing contributed to strong earnings for the Wall Street banks in the third quarter.
- The administration is considering a number of other changes that could affect capital markets, including allowing companies to report results only twice a year.
- There is no agenda for the dinner, Bloomberg TV reported.
Yes, but: Trump has a complicated history with Wall Street and banks, particularly those he says denied him loans as a real-estate developer.
- The Trump administration has pushed for a crackdown on any bank that "debanked" customers for political reasons.
- Still, the president often cites the stock market as an indicator that his economic policies are working. (The S&P 500 is up more than 16% so far this year.)
Flashback: Big Tech elite lavish praise on Trump at White House dinner
