WASHINGTON — Treasury Secretary Tim Geithner convened a meeting of the Financial Stability Oversight Council by telephone Monday afternoon to discuss the potential impact of Hurricane Sandy on infrastructure and financial markets.
The council received briefings on equity, bond, swap, commodities and futures markets, as well as updates on bank and thrift closings in areas affected by the storm, Treasury Department Spokeswoman Suzanne Elio said in an email to reporters. The council also discussed Treasury auctions that took place earlier today.
"All major payments, clearing, and settlement infrastructures are operating normally, utilizing their backup contingency sites as necessary," Elio said.
Treasury announced Monday afternoon that it would temporarily delay auctions of preferred stock it holds in 12 institutions through the Troubled Asset Relief Program. The auctions were originally scheduled for tomorrow. Treasury said additional details on rescheduling will be released "in the near future."
The agency also moved up its previously scheduled 4-week bill auction to close Monday morning, rather than Tuesday, due to the weather forecast for the coming days.
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