Trump and Pence Held Call With Top Investors on the Economy

President Donald Trump and Vice President Mike Pence held a call with top investors to discuss the coronavirus impact on the economy, a media report said.
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President Donald Trump and Vice President Mike Pence held a call with some top investors to discuss the coronavirus impact on the economy, CNBC reported Tuesday.

The investors on the call included Third Point’s Dan Loeb, Blackstone’s Stephen Schwarzman, Vista Equity’s Robert Smith, Intercontinental Exchange's Jeffrey Sprecher, and Paul Tudor Jones, hedge-fund manager and co-founder of Just Capital, people familiar with the matter told CNBC.

The call was focused less on potential actions the administration could take to mitigate the impact of the novel coronavirus. It was focused more on how America’s top money managers are viewing markets and the U.S. economy, the people familiar with the matter said.

The president and vice president spoke with the investors about when might be appropriate to ease some of the restrictions states have imposed in their effort to help slow the virus. 

Also discussed was what more the Federal Reserve could do to support industries that are feeling outsized pressure as a result of the virus and how the central bank could help companies from seizing up, CNBC said.

Sources told CNBC the call was “constructive” and that the general idea was that the U.S. economy cannot be allowed to crash.  

Trump has said that the U.S. would “open for business” sooner than many have predicted, adding that the country “was not built to be shut down.”

“America will again and soon be open for business. Very soon,” Trump said at a news conference. “A lot sooner than three or four months.”

News outlets reported last week that Sprecher and his wife, Sen. Kelly Loeffler (R-Georgia), had sold millions of dollars of stock earlier in the year. 

Reports said Loeffler and other GOP senators, Intelligence Committee Chairman Richard Burr of North Carolina and Oklahoma’s James Inhofe, along with California Democratic Sen. Dianne Feinstein, dumped shares valued at as much as $10 million in the weeks after a January briefing about the coronavirus.