Big banks, including Bank of America, went straight to the president’s daughter, Ivanka Trump, to lobby for changes in the Paycheck Protection Act.
Bank executives concerned about the Trump administration’s chaotic rollout of a $349 billion emergency small business lending program personally appealed to Ivanka Trump this week as they sought additional guidance and higher interest rates.
The direct calls to the president’s daughter and adviser — from officials at institutions including Bank of America Corp. — underscore the scramble within the financial sector and among President Donald Trump’s aides to properly implement the Paycheck Protection Program, a centerpiece of the $2.2 trillion stimulus program signed into law last week.
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…
Ivanka Trump has no official paid position in the White House. She wasn’t confirmed by the Senate or officially required to go through the federal hiring process. She is an unpaid senior adviser to the president, who is making policy as some of the biggest banks in the country ran to her when they wanted changes to the coronavirus relief small business loans program.
The program has been nothing but chaos. Banks don’t understand the requirement and documentation that they are supposed to be collecting from applicants. The Trump administration is changing the rules on the fly at the request of big business, and as the Trump administration fumbles and caters to the biggest special interests, 25% of the nation’s small businesses might be permanently gone in a month.
Ivanka Trump isn’t a government official, but she is making policy at the request of the big banks.
For more discussion about this story join our Rachel Maddow and MSNBC group.
Mr. Easley is the founder/managing editor and Senior White House and Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association