[Colinsky]

Everyone has talked about the existence of a Plunge Protection Team for a long time. I for one have never doubted it but I also assume that it doesn’t take a plunge to initiate a Fed response to various other market disturbances and conditions.

The President's Working Group on Financial Markets, known colloquially as the Plunge Protection Team, or "(PPT)" was created by Executive Order 12631,[1] signed on March 18, 1988, by United States President Ronald Reagan.

https://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets

[9YearLurker]

Since then, the Fed has taken to investing in the markets directly, so no need to bother with a presidential anything anymore.