Warren Releases New Responses From Wall Street Banks on Plans to Participate in Argentina Bailout; Presses Secretary Bessent and NY Fed for Answers

Warren Releases New Responses From Wall Street Banks on Plans to Participate in Argentina Bailout; Presses Secretary Bessent and NY Fed for Answers

Banks don't rule out participation or commit to rejecting American taxpayer-backed bailout; JP Morgan says it has executed purchases of Argentine pesos on behalf of US Government

Warren presses NY Fed on what other banks in addition to JP Morgan are purchasing Argentine pesos on behalf of the US government and how much the banks are profiting

Warren calls on Bessent to provide details on potential American taxpayer backing of big bank bailout of Argentina

Wells Fargo Response | JP Morgan Response | Bank of America Response | Goldman Sachs Response | Citi Response

Letter to Bessent | Letter to NY Fed

Washington, D.C. - Today U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, released new responses from five of the biggest Wall Street banks to her inquiries into the role these banks are playing in Trump's plans to further prop up Argentina's financial markets.

In new responses to Warren, the banks said the following:

• Wells Fargo was the only bank to confirm that it is not involved with the Argentina bailout "at this time."
• JP Morgan disclosed that it has executed purchases of Argentine pesos on behalf of the U.S. government. JP Morgan said it was not "aware of the particular details of a private sector investment vehicle." It did not rule out participation or reject the possibility of a taxpayer guarantee.
• Goldman Sachs said, without justification, that it "cannot comment on whether we are or are not considering any investment." It did not rule out participation or reject the possibility of a taxpayer guarantee.
• Bank of America and Citi did not rule out participation or reject the possibility of a taxpayer guarantee, and used vague references to "confidentiality" as an excuse to withhold critical information from investors and taxpayers.
• Morgan Stanley is the only Wall Street bank that failed to respond to Warren.

In light of these responses, Ranking Member Warren sent a follow-up letter to Treasury Secretary Scott Bessent requesting information on his plans to coordinate a $20 billion private investment vehicle for Argentina, including whether taxpayers will guarantee this bailout. Ranking Member Warren's letter to Bessent follows his failure to respond to her initial October 15 request for information, among other requests related to the various Argentina bailout programs.

Ranking Member Warren also sent a letter to John Williams, President of the Federal Reserve Bank of New York, requesting information on what other banks the NY Fed contracted with to execute purchases of Argentine pesos on behalf of the Treasury Department, in addition to JP Morgan. Warren also asked for more information on the NY Fed's reported purchase of more than $2 billion dollars of Argentine pesos on behalf of Treasury and its Exchange Stabilization Fund (ESF).

"Given the public significance of the U.S. government's bailout of Argentina's financial markets, including the serious implications for U.S. foreign and domestic policy, the NY Fed owes the American public a clear accounting of its role," she wrote.

The Ranking Member requested answers from Secretary Bessent and NY Fed President Williams no later than November 12, 2025.

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