Banking and Finance Law Daily Wrap Up, OVERSIGHT AND INVESTIGATION—Warren releases banks’ responses regarding potential $20B private Argentina loan, (Nov 7, 2025)
Organizations Mentioned:Bank of America | Citi | Federal Reserve Bank of New York | Goldman Sachs | J.P. Morgan | JP Morgan | Morgan Stanley | Wells Fargo
The ranking member of the Senate Banking Committee had requested information from six Wall Street banks about their potential involvement in a reported effort by the Trump Administration to arrange a $20 billion private loan to Argentina.
Senator Elizabeth Warren (D-Mass.), ranking member of the Senate Banking Committee, has released responses from five banks to her previous requests regarding their involvement, if any, in the Trump Administration’s reported aid packages to Argentina. Warren sent inquiries to six banks—Morgan Stanley, Goldman Sachs, Citi, Bank of America, JP Morgan, and Wells Fargo; she additionally sought commitments from the banks that they would not avail themselves to a taxpayer-funded guarantee from the Treasury Department (see Banking and Finance Law Daily, Oct. 27, 2025).
The senator released responses from five banks—Wells Fargo, JP Morgan, Goldman Sachs, Bank of America, and Citi:
The Wells Fargo response said it “is not involved with the Argentina financial matters referenced in [Warren’s] letter.”
The JP Morgan response said it “does transact open market operations for the U.S. Government (Treasury Department) via its fiscal agent the Federal Reserve. As part of this business, we have executed purchases of Argentine pesos. Although we do not discuss details related to client trades, we can confirm that any such trades would be executed in-line with our activity in this market and similar to other trades involving this currency.”
The Goldman Sachs response said it “cannot comment on whether we are or are not considering any investment.”
The Citi response said “due to laws, regulations and our internal policies, we are unable to divulge confidential client information or comment on potential transactions, or disclose communications with our bank examiners.”
The Bank of America response said that “[w]ithout speaking to the matters discussed in [Warren’s] letter, we maintain strict confidentiality regarding our business strategies, proprietary information, and forward-looking plans.”
Morgan Stanley did not respond to Warren’s request, according to the release.
Warren’s release further noted that the senator “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.” According to Warren, Bessent did not respond to a previous request seeking information “related to the various Argentina bailout programs.” In addition, Warren sent a letter to the 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 requested additional “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).”
Companies: Bank of America; Citi; Goldman Sachs; JP Morgan; Morgan Stanley; Wells Fargo
LegislativeActivity: BankingOperations FinancialStability OversightInvestigations