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White House invites Wall Street executives for meeting amid coronavirus worries

The White House has invited Wall Street executives this week for a meeting to discuss the coronavirus’s economic impact, a person familiar with the plans told The Hill.

The discussions come as the stock market plunges amid uncertainty over the spread of the virus and oil prices crash over a potential price war among petroleum exporters.

On Monday, aides reportedly prepared several possible options for President TrumpDonald TrumpNorth Carolina Senate passes trio of election measures 14 Republicans vote against making Juneteenth a federal holiday Border state governors rebel against Biden's immigration chaos MORE to respond to the turmoil as he returns from Florida, including expanding paid sick leave and offering cash to small businesses affected by the instability, a senior administration official told The Washington Post. The recipients of the invitation were not identified.

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The fallout has damaged stock prices for several major American banks, including JPMorgan Chase, Bank of America and Wells Fargo.

Meanwhile, Senate Finance Committee Chairman Chuck GrassleyChuck GrassleyOn The Money: Yellen, Powell brush off inflation fears | Fed keeps rates steady, upgrades growth projections Overnight Health Care: US buying additional 200M Moderna vaccine doses | CureVac's COVID-19 vaccine failed in preliminary trial results | Grassley meets with House Dems on drug prices Grassley meets with moderate House Democrats on lowering drug prices MORE (R-Iowa) is reportedly exploring options for targeted tax relief in response to the spread of the virus.

"While we continue to assess the economic impacts, Chairman Grassley is exploring the possibility of targeted tax relief measures that could provide a timely and effective response to the coronavirus," Grassley spokesman Michael Zona said in a statement Monday.

"Several options within the committee’s jurisdiction are being considered as we learn more about the effects on specific industries and the overall economy,” Zona added.