Black Monday prompted the creation of the U.S. President's Working Group on Financial Markets.
After the worldwide market collapse of October 19, 1987, President Ronald Reagan issued an executive order establishing the group in March 1988. It was designed to improve coordination among major U.S. financial regulators and help address risks that could threaten market stability.
The group became widely known as the “Plunge Protection Team,” a nickname associated with a 1990 Washington Post article. Its formal membership includes the Treasury secretary, the Federal Reserve chair, the chair of the Securities and Exchange Commission, and the chair of the Commodity Futures Trading Commission.
The nickname is often used in claims that the group secretly controls markets, but its official purpose is interagency consultation and recommendations. Its creation followed the 1987 crash; it was not an institution that existed before it.