Lew says no sense of financial crisis developing

U.S. Treasury Secretary Jacob Lew says that the decision of British voters to leave the European Union is "an additional headwind" for the U.S. and global economies but "there is no sense of a financial

News 12 Staff

Jun 27, 2016, 5:56 PM

Updated 2,871 days ago

Share:

Lew says no sense of financial crisis developing
U.S. Treasury Secretary Jacob Lew says that the decision of British voters to leave the European Union is "an additional headwind" for the U.S. and global economies but "there is no sense of a financial crisis developing."
In a CNBC interview Monday, Lew said, "I am not saying there will not be an impact on markets but it has been an orderly impact so far."
Lew said it would be important for economic policymakers to signal that they are prepared to use the tools they have to promote economic growth and "not overreact to a volatile day here and there."
Signaling concerns that countries might try to intervene in currency markets for trade advantages, Lew said, "We have made it clear that unilateral actions to intervene would be destabilizing."
In a later appearance in Washington, Lew said that the Obama administration would work closely with officials in London and Brussels, the headquarters of the European Union, as well as with other major international partners to "ensure continued economic stability, security and prosperity in Europe and globally."
Lew said he has been in regular contact with finance ministers from other countries as well as financial market participants around the world and "we will continue to consult closely in the days, weeks and months ahead."
In his interview, Lew said the United States would not offer a suggestion on the timing for Britain's exit from the EU, saying that should be left up to Britain and the EU. He said what would be critical during the transition was maintaining confidence in financial markets.
Lew signaled that the Obama administration planned to keep pushing for a vote in Congress this year on the Trans Pacific Partnership trade agreement with countries in Asia. Critics have attacked the proposal as a trade deal that will lead to further loss of American jobs and both Hillary Clinton and Donald Trump have come out against the agreement.
Lew said TPP is "profoundly in the interest of American workers and the American economy" and said it would be a big mistake for America to "step away from the world."


More from News 12
1:54
STORM WATCH: Risk of coastal flooding; rain and thunderstorms hit Wednesday morning

STORM WATCH: Risk of coastal flooding; rain and thunderstorms hit Wednesday morning

2:23
Stew Leonard’s considers 2nd attempt at bringing store to Orange

Stew Leonard’s considers 2nd attempt at bringing store to Orange

1:15
Residents at Bridgeport's Greene Homes community to be part of planning process for new complex

Residents at Bridgeport's Greene Homes community to be part of planning process for new complex

2:21
Stamford man recovers from rare Rocky Mountain spotted fever

Stamford man recovers from rare Rocky Mountain spotted fever

2:43
EXCLUSIVE: Bridgeport truck driver whose flatbed was struck in fiery I-95 crash says he’s grateful to be alive

EXCLUSIVE: Bridgeport truck driver whose flatbed was struck in fiery I-95 crash says he’s grateful to be alive

0:53
Bridgeport plans to restore the Perry Memorial Arch

Bridgeport plans to restore the Perry Memorial Arch

0:30
Little Feat to headline Milford’s 50th Oyster Festival

Little Feat to headline Milford’s 50th Oyster Festival

0:41
US provides $3 million relief funding toward reconstructing Fairfield Avenue Bridge in Norwalk

US provides $3 million relief funding toward reconstructing Fairfield Avenue Bridge in Norwalk

0:42
AT&T lauds nearly $500M investment in network infrastructure across Connecticut

AT&T lauds nearly $500M investment in network infrastructure across Connecticut

0:32
'Be careful when you're on your cellphone'. Bridgeport officials relay safety message following pedestrian accidents

'Be careful when you're on your cellphone'. Bridgeport officials relay safety message following pedestrian accidents

0:30
CT lawmakers vote to extend sick days to nearly all workers; bill heads to governor's desk

CT lawmakers vote to extend sick days to nearly all workers; bill heads to governor's desk

1:43
Made in Connecticut: Fresh squeezed juice from Ripe Juice Bar

Made in Connecticut: Fresh squeezed juice from Ripe Juice Bar

Discounts and perks teachers can use all year

Discounts and perks teachers can use all year

Guide: Deals and freebies for health care workers

Guide: Deals and freebies for health care workers

1:43
Saravanaa Bhavan a restaurant serving Indian vegetarian cuisine opens in Stamford

Saravanaa Bhavan a restaurant serving Indian vegetarian cuisine opens in Stamford

Former Bridgeport official pleads guilty to charges related to primaries and election in 2017, 2018

Former Bridgeport official pleads guilty to charges related to primaries and election in 2017, 2018

2:11
Security camera footage shows onset of deadly Stamford house fire

Security camera footage shows onset of deadly Stamford house fire

1:48
'This was a remarkable recovery': I-95 officially operating at full capacity

'This was a remarkable recovery': I-95 officially operating at full capacity

0:36
Sen. Bob Duff recognizes employees who worked on reopening I-95 in Norwalk

Sen. Bob Duff recognizes employees who worked on reopening I-95 in Norwalk

0:20
Bridgeport PD: Pedestrian struck by car on Seaview Avenue

Bridgeport PD: Pedestrian struck by car on Seaview Avenue