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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (181592)7/19/2002 7:07:36 PM
From: Les H  Read Replies (1) of 436258
 
Bush financial working group has no plans to meet on stock market decline

The Treasury Department has no comment on today's drop in the Dow Jones industrial average, and there are no plans by the top-level presidential working group on financial markets to meet and discuss the stock market's decline, said chief Treasury spokesman Michele Davis.

"We don't comment on the daily movements of the stock market," Davis told reporters.

She said the President's Working Group on Financial Markets has not met in the past two weeks and has no plans to meet to discuss the drop in US equity valuations.

Earlier, the DJIA closed down 390.23 points at 8,019.26, for the lowest close since Oct 1998, while other US stock indices hit five-year lows.

The group is a long-standing body which includes Treasury Secretary Paul O'Neill, Federal Reserve Chairman Alan Greenspan, and Securities and Exchange Commissioner Harvey Pitt, and Commodity Futures Trading Commissioner James Newsome.

Bush tasked the group in January to propose corporate governance reforms.

This week widely-discredited rumors had spread in financial markets that the group had initiated stock purchases by the federal government to stem the market's decline.

ananova.com
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