Mnuchin Next On Chopping Block After Failing To Preclear Big Bank/Plunge Protection Team Calls With Trump
24 December, 2018
Amid some confusion whether Mnuchin acted independently on his own initiative, or at the instructions of president Trump, when he called up the CEOs of the top 6 US banks on Sunday and the President's Working Group on financial markets, i.e. PPT, Bloomberg reports that Mnuchin did not pre-clear the calls with Trump, citing an administration official. Mnuchin also convened the Plunge Protection Team without coordinating with Trump, and instead both actions were done in normal capacity of his job, the official said.
In a sign Trump may have lost some faith in Mnuchin, the president has asked whether one or more of his advisers could meet with Powell, according to a person familiar with the matter. That would be seen as undermining the authority of the Treasury chief, who sees Powell for lunch once a week and is normally the official designated to deliver the administration’s views.