President Donald Trump has all but publicly threatened to fire Jerome Powell, the chairman of the Federal Reserve, demanding he lower interest rates – a move that would personally save Trump and his business millions of dollars.
When the coronavirus pandemic hit he finally got his wish. Powell moved interest rates to zero.
(Trump, by the way, attacked Powell nearly two dozen times on Twitter over just the past almost 9 months.)
So when the Big Banks wanted to score a big cash grab under the new federal government-backed Small Business Administration (SBA) loans, part of the $2.2 trillion stimulus program in response to the pandemic, they didn’t call President Trump. They called Ivanka Trump.
Reporting on “direct calls” from top bank executives, Bloomberg News reveals they “personally appealed to Ivanka Trump this week as they sought additional guidance and higher interest rates.”
“The lobbying campaign appeared to be at least partially effective. Ivanka Trump relayed to Treasury Secretary Steven Mnuchin and other administration officials requests to increase the interest rates on the forgivable, government-backed loans,” Bloomberg reports. “On Thursday, Mnuchin announced that the government would increase interest rates to 1% from 0.5% on the emergency loans.”
Perhaps that explains why the administration of the Small Business Administration thanked Ivanka Trump on Thursday:
Because nepotism doesn’t stop during a crisis Jovita Carranza of the Small Business Administration thanks Ivanka Trump, with whom she’s apparently been “working closely.” pic.twitter.com/HAaw5yWtGy
— nikki mccann ramírez (@NikkiMcR) April 2, 2020
And why the First Daughter posted this to Instagram thanking the SBA:
Read the entire report here.
Trump official removed after illegally serving 424 days as head of the Bureau of Land Management: report
Yet another Donald Trump official has found himself in trouble with the law for running a federal agency without Senate confirmation.
"federal judge ruled Friday that the Trump administration's leading steward of public lands has been serving unlawfully and has blocked him from continuing in the position. U.S. District Judge Brian Morris said U.S. Bureau of Land Management acting director William Perry Pendley served unlawfully for 424 days without being confirmed to the post by the U.S. Senate," the Associated Press reported Friday.
Dennis Quaid to star in Trump’s $300 million ad campaign against COVID ‘despair’: report
Americans should expect to see more of actor Dennis Quaid during television commercial breaks, according to a new report by Politico.
"The health department is moving quickly on a highly unusual advertising campaign to 'defeat despair' about the coronavirus, a $300 million-plus effort that was shaped by a political appointee close to President Donald Trump and executed in part by close allies of the official, using taxpayer funds," Politico's Dan Diamond reported Friday.
Lincoln Project likens Lindsey Graham to an abused dog for being ‘violently out-fundraised’ in South Carolina re-election campaign
Sen. Lindsey Graham (R-SC) is facing a huge fundraising shortage -- despite being an incumbent Republican senator running in South Carolina.
As he's been trailing Democrat Jaime Harrison in fundraising, Graham has repeatedly gone on Fox News to beg for donations.
“My opponent will raise almost $100 million in the state of South Carolina,” Graham complained to Fox and Friends on Thursday.