Who Exactly Is the “Plunge Protection Team”?

In actuality, the Plunge Protection Team does exist and has been around for a while. People tend to think that it was invented after the financial collapse of 2008-2009, but in fact was established by President Reagan back in 1988 as a response to the October 1987 stock market plunge in which the Dow Jones Industrial Average fell 22.6% in a single day.

Its official name isn’t the Plunge Protection Team, though people use that name informally; the actual name is the Working Group on Financial Markets (but we’ll just go ahead and keep calling it the Plunge Protection Team if you’re okay with that). The Team reports to the President, and officially includes just four members: the Chair of the Federal Reserve, the Secretary of the Treasury, the Chair of the SEC, and the Chair of the CFTC.

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