By David Nakamura:
Homeland Security Secretary John F. Kelly has signed sweeping new guidelines that empower federal authorities to more aggressively detain and deport illegal immigrants inside the United States and at the border.
In a pair of memos, Kelly offered more detail on plans for the agency to hire thousands of additional enforcement agents, expand the pool of immigrants who are prioritized for removal, speed up deportation hearings and enlist local law enforcement to help make arrests.
The new directives would supersede nearly all of those issued under previous administrations, Kelly said, including measures from President Barack Obama aimed at focusing deportations exclusively on hardened criminals and those with terrorist ties.
* * *
Joanne Lin, senior legislative counsel at the American Civil Liberties Union, said in a statement that “due process, human decency, and common sense are treated as inconvenient obstacles on the path to mass deportation. The Trump administration is intent on inflicting cruelty on millions of immigrant families across the country.”
The memos don’t overturn one important directive from the Obama administration: a program called Deferred Action for Childhood Arrivals that has provided work permits to more than 750,000 immigrants who came to the country illegally as children.
Trump had promised during his campaign to “immediately terminate” the program, calling it an unconstitutional “executive amnesty,” but he has wavered since then. Last week, he said he would “show great heart” in determining the fate of that program.
Showing posts with label reneged. Show all posts
Showing posts with label reneged. Show all posts
Monday, June 5, 2017
Truth-out: Senate Confirms Austerity Champion Congressman as Influential White House Staffer
By Sam Knight:
Mulvaney's appointment to lead the influential OMB has raised questions about some of President Trump's key campaign promises, given the congressman's well-documented opinions on the welfare state.
Though Trump repeatedly vowed not to cut Medicare or Social Security, in Mulvaney, he has appointed a budget chief who once declared the programs unconstitutional.
During his confirmation hearing, Mulvaney said that he would not be urging the President to argue that the two programs violate the constitution. He nonetheless would not back off past calls to cut benefits paid out by Medicare and Social Security.
"It seems to me that Rep. Mulvaney is way, way out of touch with what the American people want and what President Trump campaigned on," Sen. Bernie Sanders (I-Vt.) said at Mulvaney's confirmation hearing.
Sanders noted he was not only opposed to Mulvaney's appointment on ideological grounds, but that his very nomination highlighted problems with "the integrity and the honesty" of Trump.
The Full Story (February 17, 2017)
Mulvaney's appointment to lead the influential OMB has raised questions about some of President Trump's key campaign promises, given the congressman's well-documented opinions on the welfare state.
Though Trump repeatedly vowed not to cut Medicare or Social Security, in Mulvaney, he has appointed a budget chief who once declared the programs unconstitutional.
During his confirmation hearing, Mulvaney said that he would not be urging the President to argue that the two programs violate the constitution. He nonetheless would not back off past calls to cut benefits paid out by Medicare and Social Security.
"It seems to me that Rep. Mulvaney is way, way out of touch with what the American people want and what President Trump campaigned on," Sen. Bernie Sanders (I-Vt.) said at Mulvaney's confirmation hearing.
Sanders noted he was not only opposed to Mulvaney's appointment on ideological grounds, but that his very nomination highlighted problems with "the integrity and the honesty" of Trump.
The Full Story (February 17, 2017)
Tuesday, May 16, 2017
Washington Post: Senate Confirms Mnuchin as Treasury Secretary
By Max Ehrenfreund:
The Senate confirmed Steven T. Mnuchin as treasury secretary Monday evening, putting an end to a contentious and protracted debate while adding another former banker to President Trump's roster of advisers.
Mnuchin ran a bank, OneWest, that foreclosed on tens of thousands of Americans amid the financial crisis, and Democrats had argued that he would not represent the financial interests of ordinary Americans in office. Mnuchin and his allies said OneWest's foreclosures were largely in accordance with federal guidelines.
As treasury secretary, Mnuchin will be responsible for managing the nation's day-to-day finances and will have to carry out a broad order from his new boss to review the rules imposed on the financial sector through the Dodd-Frank law of 2010. Also, he'll oversee a report to Congress on whether foreign countries are manipulating their currencies, due in April.
Beyond these immediate tasks, Mnuchin will confront broader questions, assuming an influential position in a new administration that has not clearly signaled how the president will approach the economy. The agenda that Republican lawmakers and several of Trump's advisers favor — tax relief, deregulation and limited economic intervention by the federal government — is in some respects at odds with Trump's populist and protectionist rhetoric, especially on whether the government will impose new barriers to global trade.
Mnuchin, a Hollywood financier and a former partner at Goldman Sachs, will join several other former bankers with senior positions in Trump's administration, including Transportation Secretary Elaine Chao, White House chief strategist Stephen K. Bannon and National Economic Council Director Gary Cohn. The White House's reliance on Wall Street in staffing the administration has drawn criticism from Democrats.
“For someone who pledged to drain the swamp and advocate for working people, President Trump’s nomination of Mr. Mnuchin to be Secretary of the Treasury amounts to another broken promise,” Sen. Tim Kaine (D-Va.), the former vice-presidential candidate, said in a statement. “His complicity in the 2008 financial crisis raises serious doubts.”
The Full Story (February 13, 2017)
The Senate confirmed Steven T. Mnuchin as treasury secretary Monday evening, putting an end to a contentious and protracted debate while adding another former banker to President Trump's roster of advisers.
Mnuchin ran a bank, OneWest, that foreclosed on tens of thousands of Americans amid the financial crisis, and Democrats had argued that he would not represent the financial interests of ordinary Americans in office. Mnuchin and his allies said OneWest's foreclosures were largely in accordance with federal guidelines.
As treasury secretary, Mnuchin will be responsible for managing the nation's day-to-day finances and will have to carry out a broad order from his new boss to review the rules imposed on the financial sector through the Dodd-Frank law of 2010. Also, he'll oversee a report to Congress on whether foreign countries are manipulating their currencies, due in April.
Beyond these immediate tasks, Mnuchin will confront broader questions, assuming an influential position in a new administration that has not clearly signaled how the president will approach the economy. The agenda that Republican lawmakers and several of Trump's advisers favor — tax relief, deregulation and limited economic intervention by the federal government — is in some respects at odds with Trump's populist and protectionist rhetoric, especially on whether the government will impose new barriers to global trade.
Mnuchin, a Hollywood financier and a former partner at Goldman Sachs, will join several other former bankers with senior positions in Trump's administration, including Transportation Secretary Elaine Chao, White House chief strategist Stephen K. Bannon and National Economic Council Director Gary Cohn. The White House's reliance on Wall Street in staffing the administration has drawn criticism from Democrats.
“For someone who pledged to drain the swamp and advocate for working people, President Trump’s nomination of Mr. Mnuchin to be Secretary of the Treasury amounts to another broken promise,” Sen. Tim Kaine (D-Va.), the former vice-presidential candidate, said in a statement. “His complicity in the 2008 financial crisis raises serious doubts.”
The Full Story (February 13, 2017)
Monday, April 17, 2017
Washington Post: After Trump Moves to Undo Financial Regulations, Sanders Calls Him ‘a Fraud’
By Mike DeBonis:
“This guy is a fraud,” Sanders (I-Vt.) said on CNN’s “State of the Union.” “This guy ran for president of the United States saying, ‘I, Donald Trump, I’m going to take on Wall Street. These guys are getting away with murder.’ Then suddenly he appoints all these billionaires, his major financial adviser comes from Goldman Sachs, and now he’s going to dismantle legislation that protects consumers.”
Trump on Friday signed an executive order ordering a review of U.S. financial regulatory laws and regulations, and he acknowledged a coming assault on the 2010 package of regulatory revisions known as Dodd-Frank. His chief economic adviser, Gary Cohn, and his nominee for treasury secretary, Steve Mnuchin, are alumni of the Goldman Sachs investment bank.
* * *
“This is a guy who ran for president saying, ‘I’m the only Republican [who’s] not going to cut Social Security, Medicare and Medicaid,’ and then he appoints all of these guys who are precisely going to cut Social Security, Medicare and Medicaid,” Sanders said in an apparent reference to Trump’s nominees to lead the Office of Management and Budget and the Department of Health and Human Services — both of whom have advocated for cutbacks in entitlement spending.
“Man, this guy, he is a good showman, I will give you that,” Sanders continued. “He is a good TV guy, but I think he’s going to sell out the middle class and the working class of this country. … It is one thing if you run a campaign that says, ‘Look, I think Wall Street’s great. I think the drug companies are great. I think we have to cut Social Security, Medicare and Medicaid,’ and if people want to vote for that, that’s fine. That’s democracy. But you have a president who I think in a totally fraudulent campaign said that ‘I’m going to stand up for the working people.’
“Look at his Cabinet: We’ve never had more billionaires in a Cabinet in the history in the country. Look at his appointees: These are people who are going after the needs of working families, the elderly, the children, the sick and the poor. That is called hypocrisy.”
The Full Story (February 5, 2017)
“This guy is a fraud,” Sanders (I-Vt.) said on CNN’s “State of the Union.” “This guy ran for president of the United States saying, ‘I, Donald Trump, I’m going to take on Wall Street. These guys are getting away with murder.’ Then suddenly he appoints all these billionaires, his major financial adviser comes from Goldman Sachs, and now he’s going to dismantle legislation that protects consumers.”
Trump on Friday signed an executive order ordering a review of U.S. financial regulatory laws and regulations, and he acknowledged a coming assault on the 2010 package of regulatory revisions known as Dodd-Frank. His chief economic adviser, Gary Cohn, and his nominee for treasury secretary, Steve Mnuchin, are alumni of the Goldman Sachs investment bank.
* * *
“This is a guy who ran for president saying, ‘I’m the only Republican [who’s] not going to cut Social Security, Medicare and Medicaid,’ and then he appoints all of these guys who are precisely going to cut Social Security, Medicare and Medicaid,” Sanders said in an apparent reference to Trump’s nominees to lead the Office of Management and Budget and the Department of Health and Human Services — both of whom have advocated for cutbacks in entitlement spending.
“Man, this guy, he is a good showman, I will give you that,” Sanders continued. “He is a good TV guy, but I think he’s going to sell out the middle class and the working class of this country. … It is one thing if you run a campaign that says, ‘Look, I think Wall Street’s great. I think the drug companies are great. I think we have to cut Social Security, Medicare and Medicaid,’ and if people want to vote for that, that’s fine. That’s democracy. But you have a president who I think in a totally fraudulent campaign said that ‘I’m going to stand up for the working people.’
“Look at his Cabinet: We’ve never had more billionaires in a Cabinet in the history in the country. Look at his appointees: These are people who are going after the needs of working families, the elderly, the children, the sick and the poor. That is called hypocrisy.”
The Full Story (February 5, 2017)
Thursday, April 13, 2017
Rolling Stone: Extreme Vetting, But Not for Banks
By Matt Taibbi:
The Full Story (February 3, 2017)
Donald Trump, the man who positioned himself as the common man's shield against Wall Street, signed a series of orders today calling for reviews or rollbacks of financial regulations. He did so after meeting with some friendly helpers.
Here's how CNBC described the crowd of Wall Street CEOs Trump received, before he ordered a review of both the Dodd-Frank Act and the fiduciary rule requiring investment advisors to act in their clients' interests:
"Trump also will meet at the White House with leading CEOs, including JPMorgan's Jamie Dimon, Blackstone's Steve Schwarzman, and BlackRock's Larry Fink."
Leading the way for this assortment of populist heroes will be former Goldman honcho Gary Cohn, now Trump's chief economic advisor.
Dimon, Schwarzman, Fink and Cohn collectively represent a rogues gallery of the creeps most responsible for the 2008 crash. It would be hard to put together a group of people less sympathetic to the non-wealthy.
Trump's approach to Wall Street is in sharp contrast to his tough-talking stances on terrorism. He talks a big game when slamming the door on penniless refugees, but curls up like a beach weakling around guys who have more money than he does.
* * *
These companies are now so enormous that they can't keep track of their own positions. Also, in sharp contrast to the propaganda about what brainy people they all are, many of them lack even the most basic understanding of the potential consequences of deals they might be making.
The leadership of AIG, for instance, basically had no clue how its derivatives portfolio worked, despite the fact that they had $79 billion worth of exposure. Similarly, then-CEO Chuck Prince of Citigroup told the Financial Crisis Inquiry Commission that a $40 billion mortgage position "would not in any way have excited my attention." Both companies ended up needing massive bailouts.
Not only can they not keep track of their own books, they already blow off regulators whenever they get the chance. Take JPMorgan Chase's "London Whale" episode, in which some $6.2 billion in losses in one portfolio accumulated practically overnight. In that case, Dimon simply refused to give the federal regulators routine, required reports as to what was going on with his bank's positions, probably because he himself had no idea how big the hole was at the time.
"Mr. Dimon said it was his decision whether to send the reports to the OCC," a regulator later told the Senate.
This is the same Jamie Dimon about whom Trump said today, "There's nobody better to tell me about Dodd-Frank than Jamie Dimon, so thank you, Jamie."
The enduring lesson of the financial crisis is that in markets as complex as this one, the most extreme danger is in opacity. The big problem is that these egomaniacal Wall Street titans want markets as opaque as possible.
This is why they want to get rid of the fiduciary rule, because they don't think it's anyone's business if they choose to bet against their clients (as Cohn's Goldman famously did), or overcharge them, or otherwise screw them.
The Atlantic: Trump Begins to Chip Away at Banking Regulations
By Gillian B. White:
Hours later, as promised, the president issued a memorandum that sets in motion his plan to scale back the provisions of Dodd-Frank and repeal the upcoming fiduciary rule—the latest in his slate of executive orders aimed at decreasing regulations. Named for Senators Barney Frank and Chris Dodd, the bipartisan act—formally, it’s the Dodd–Frank Wall Street Reform and Consumer Protection Act—was responsible for creating more stringent rules regarding bank capitalization (that is, the amount of money that banks must have on hand), increasing compliance and reporting standards for banks, introducing stricter mortgage requirements, creating the Financial Stability Oversight Council (FSOC) and the Consumer Financial Protection Bureau (CFPB), and curbing excessive risk-taking and the existence of too-big-to-fail institutions on Wall Street.
Despite Trump’s calls for “cutting a lot,” Friday’s executive order is actually more of a command to review Dodd-Frank than to dismantle it. According to the order, the Treasury Secretary—Trump’s pick, the former Goldman Sachs banker Steve Mnuchin, has yet to be confirmed—will be tasked with meeting with various agencies that oversee and implement Dodd-Frank’s regulations, such as the Securities and Exchange Commission, in order to find areas to be amended. That review is slated to be completed in 120 days, though there is little guidance on the what regulations or portions of the law will be most likely to change.
But while the executive order might seem less severe than others issued by Trump, that certainly doesn’t mean that the impact won’t be as important. “I think this is the opening salvo in their attack on consumer and investor protection,” says Michael S. Barr, a law professor at the University of Michigan and one of the architects of the Dodd-Frank Act. Barr says that despite the fact that the executive order on financial regulations seems gradual, the administration has already been quite aggressive when it comes to chipping away at financial-sector regulations. “They’ve already started,” he told me, citing recently-passed legislation that would get rid of one provision of Dodd Frank requiring oil companies to disclose payments to foreign governments.
The Full Story (February 3, 2017)
Hours later, as promised, the president issued a memorandum that sets in motion his plan to scale back the provisions of Dodd-Frank and repeal the upcoming fiduciary rule—the latest in his slate of executive orders aimed at decreasing regulations. Named for Senators Barney Frank and Chris Dodd, the bipartisan act—formally, it’s the Dodd–Frank Wall Street Reform and Consumer Protection Act—was responsible for creating more stringent rules regarding bank capitalization (that is, the amount of money that banks must have on hand), increasing compliance and reporting standards for banks, introducing stricter mortgage requirements, creating the Financial Stability Oversight Council (FSOC) and the Consumer Financial Protection Bureau (CFPB), and curbing excessive risk-taking and the existence of too-big-to-fail institutions on Wall Street.
Despite Trump’s calls for “cutting a lot,” Friday’s executive order is actually more of a command to review Dodd-Frank than to dismantle it. According to the order, the Treasury Secretary—Trump’s pick, the former Goldman Sachs banker Steve Mnuchin, has yet to be confirmed—will be tasked with meeting with various agencies that oversee and implement Dodd-Frank’s regulations, such as the Securities and Exchange Commission, in order to find areas to be amended. That review is slated to be completed in 120 days, though there is little guidance on the what regulations or portions of the law will be most likely to change.
But while the executive order might seem less severe than others issued by Trump, that certainly doesn’t mean that the impact won’t be as important. “I think this is the opening salvo in their attack on consumer and investor protection,” says Michael S. Barr, a law professor at the University of Michigan and one of the architects of the Dodd-Frank Act. Barr says that despite the fact that the executive order on financial regulations seems gradual, the administration has already been quite aggressive when it comes to chipping away at financial-sector regulations. “They’ve already started,” he told me, citing recently-passed legislation that would get rid of one provision of Dodd Frank requiring oil companies to disclose payments to foreign governments.
The Full Story (February 3, 2017)
Thursday, March 30, 2017
Time: President Trump Wants to Kill These 17 Federal Agencies and Programs. Here's What They Actually Cost (and Do)
By Taylor Tepper:
To put this in context: The total cost, per American, of the following 17 programs said to be on the chopping block is $22.36 per year-- of which more than a third comes from a single clean-energy program. By contrast, housing subsidies, like the mortgage interest deduction, which are disproportionately used by the wealthy, cost $296.29 per American.
Here's a list of the various federal agencies reportedly on the chopping block, along with some of their key initiatives -- and some of the jobs supported.
* * *
International Trade Administration
Budget: $521 million
Cost per American: $1.60
The ITA helps American businesses sell more products to overseas markets. One beneficiary was the Iron Fist Brewing Company, located in Vista, California. A representative of the San Diego U.S. Export Assistance Center connected with the brewery at a convention in 2013, and helped them export to Australia, Canada, Finland, Hong Kong, among others. Iron Fist hired two more employees thanks to new export revenue, the ITA reports.
Manufacturing Extension Partnership
Budget: $142 million
Cost per American: $0.43
This is a so-called public-private partnership that helps small to medium-size manufacturers become more efficient, build new products, and improve sales and marketing techniques. Missoula, Mont.-based organic soap wholesaler Botanie used their local MEP affiliate to help keep pace with their growing business -- by, for instance, using more sophisticated technologies to track inventory. The MEP says it helped Botanie save $280,000 and retain six jobs.
Office of Community Oriented Policing Services
Budget: $286 million
Cost per American: $0.88
The majority of COPS' annual budget is dedicated to hiring more police personnel to help local communities improve their policing. Last October, the Justice Department announced $119 million in grant funding for 184 law enforcement agencies across the country -- resulting in 900 created or saved jobs, the office reports. Among the recipients was the Dallas Police Department, which had lost five officers in an ambush a few months earlier; it got $3.1 million to hire 25 officers.
To put this in context: The total cost, per American, of the following 17 programs said to be on the chopping block is $22.36 per year-- of which more than a third comes from a single clean-energy program. By contrast, housing subsidies, like the mortgage interest deduction, which are disproportionately used by the wealthy, cost $296.29 per American.
Here's a list of the various federal agencies reportedly on the chopping block, along with some of their key initiatives -- and some of the jobs supported.
* * *
International Trade Administration
Budget: $521 million
Cost per American: $1.60
The ITA helps American businesses sell more products to overseas markets. One beneficiary was the Iron Fist Brewing Company, located in Vista, California. A representative of the San Diego U.S. Export Assistance Center connected with the brewery at a convention in 2013, and helped them export to Australia, Canada, Finland, Hong Kong, among others. Iron Fist hired two more employees thanks to new export revenue, the ITA reports.
Manufacturing Extension Partnership
Budget: $142 million
Cost per American: $0.43
This is a so-called public-private partnership that helps small to medium-size manufacturers become more efficient, build new products, and improve sales and marketing techniques. Missoula, Mont.-based organic soap wholesaler Botanie used their local MEP affiliate to help keep pace with their growing business -- by, for instance, using more sophisticated technologies to track inventory. The MEP says it helped Botanie save $280,000 and retain six jobs.
Office of Community Oriented Policing Services
Budget: $286 million
Cost per American: $0.88
The majority of COPS' annual budget is dedicated to hiring more police personnel to help local communities improve their policing. Last October, the Justice Department announced $119 million in grant funding for 184 law enforcement agencies across the country -- resulting in 900 created or saved jobs, the office reports. Among the recipients was the Dallas Police Department, which had lost five officers in an ambush a few months earlier; it got $3.1 million to hire 25 officers.
Wednesday, March 29, 2017
Talking Points Memo: Dems Use Trump's Words To Slam Price's Health Care Plans
By Tierney Sneed:
Republicans' plans for repealing the Affordable Care Act quickly became a focus in the confirmation hearing for Health and Human Services Secretary nominee Rep. Tom Price (R-GA).
* * *
In his opening remarks, Sen. Ron Wyden (D-OR), the ranking member of the Senate Finance Committee, used Trump's own words to attack Price's proposals to replace the Affordable Care Act.
"The Price plan takes America back to the dark days when health care worked only for the health and the wealthy," Wyden said, according to his prepared opening remarks. "Congressman Price's other proposals don’t offer much hope that the damage will be undone. By the Trump rubric of 'insurance for everybody,' 'great health care … much less expensive and much better,' the congressman’s plans get a failing grade."
The Full Story (January 24, 2017)
Republicans' plans for repealing the Affordable Care Act quickly became a focus in the confirmation hearing for Health and Human Services Secretary nominee Rep. Tom Price (R-GA).
* * *
In his opening remarks, Sen. Ron Wyden (D-OR), the ranking member of the Senate Finance Committee, used Trump's own words to attack Price's proposals to replace the Affordable Care Act.
"The Price plan takes America back to the dark days when health care worked only for the health and the wealthy," Wyden said, according to his prepared opening remarks. "Congressman Price's other proposals don’t offer much hope that the damage will be undone. By the Trump rubric of 'insurance for everybody,' 'great health care … much less expensive and much better,' the congressman’s plans get a failing grade."
The Full Story (January 24, 2017)
Think Progress: Trump Promised to Save Entitlements. His Budget Director Pick Wants Him to Break His Vow.
By Aaron Rupar:
During his confirmation hearing on Tuesday, Rep. Mick Mulvaney (R-SC), President Trump’s pick to run the Office of Management and Budget, vowed that if he’s approved, he’ll try and persuade Trump to cut entitlements.
Asked by Sen. Lindsey Graham (R-SC) if he agrees that younger workers may have to work more years to “save” the Social Security program, Mulvaney replied, “I have already told my children to prepare for exactly that.” Mulvaney also replied in the affirmative when asked by Graham if he supports raising the retirement age for Social Security.
Mulvaney’s position on entitlements differs significantly from what President Trump promised during his campaign.
“[I will] save Medicare, Medicaid and Social Security without cuts,” Trump said during the June 2015 speech that launched his campaign. “Have to do it… People have been paying in for years, and now many of these candidates want to cut it.”
Last June, Trump told a crowd in Phoenix, “We’re going to save your Social Security without killing it like so many people want to do, and your Medicare.”
The inconsistency between Trump’s statements and the position of the person he’s nominated to be his budget director was highlighted by Sen. Bernie Sanders (I-VT).
“Will you tell the president of the United States — Mr. President, keep your word, be honest with the American people, do not cut Social Security, Medicare, and Medicaid?” Sanders asked.
But Mulvaney suggested he isn’t concerned about promises Trump made during his campaign.
“The only thing I know to do is to tell the president the truth,” he replied. “And the truth is that if we do not reform these programs that are so important to your constituents in Vermont and to mine in South Carolina, I believe in nine or 10 years the Medicaid trust fund is empty. And in roughly 17 or 18 years, the Social Security trust fund is empty.”
In response, Sanders pointed out that there are ways to ensure the long-term solvency of entitlement programs besides slashing benefits.
During his confirmation hearing on Tuesday, Rep. Mick Mulvaney (R-SC), President Trump’s pick to run the Office of Management and Budget, vowed that if he’s approved, he’ll try and persuade Trump to cut entitlements.
Asked by Sen. Lindsey Graham (R-SC) if he agrees that younger workers may have to work more years to “save” the Social Security program, Mulvaney replied, “I have already told my children to prepare for exactly that.” Mulvaney also replied in the affirmative when asked by Graham if he supports raising the retirement age for Social Security.
Mulvaney’s position on entitlements differs significantly from what President Trump promised during his campaign.
“[I will] save Medicare, Medicaid and Social Security without cuts,” Trump said during the June 2015 speech that launched his campaign. “Have to do it… People have been paying in for years, and now many of these candidates want to cut it.”
Last June, Trump told a crowd in Phoenix, “We’re going to save your Social Security without killing it like so many people want to do, and your Medicare.”
The inconsistency between Trump’s statements and the position of the person he’s nominated to be his budget director was highlighted by Sen. Bernie Sanders (I-VT).
“Will you tell the president of the United States — Mr. President, keep your word, be honest with the American people, do not cut Social Security, Medicare, and Medicaid?” Sanders asked.
But Mulvaney suggested he isn’t concerned about promises Trump made during his campaign.
“The only thing I know to do is to tell the president the truth,” he replied. “And the truth is that if we do not reform these programs that are so important to your constituents in Vermont and to mine in South Carolina, I believe in nine or 10 years the Medicaid trust fund is empty. And in roughly 17 or 18 years, the Social Security trust fund is empty.”
In response, Sanders pointed out that there are ways to ensure the long-term solvency of entitlement programs besides slashing benefits.
Monday, March 27, 2017
Chicago Tribune: Trump's Team Suspended a Mortgage Insurance Rate Cut
By Andrew Khouri:
If you are shopping for a home and planned to use an FHA-backed loan, it means you will be paying the same premium rate for required mortgage insurance that you would have since January 2015.
For most borrowers getting an FHA-backed loan that means that after paying an upfront insurance fee, you will pay 0.85% of your loan amount for premiums each year. The Obama administration had planned to drop that rate to 0.60%. In 2014, the rate was 1.35%, after several increases to shore up FHA finances after the housing crash.
If the recent cut had gone into effect as expected Jan. 27, the California Assn. of Realtors estimates borrowers in the state using FHA loans would have saved an average of $860 a year.
The Full Story (January 23, 2017)
If you are shopping for a home and planned to use an FHA-backed loan, it means you will be paying the same premium rate for required mortgage insurance that you would have since January 2015.
For most borrowers getting an FHA-backed loan that means that after paying an upfront insurance fee, you will pay 0.85% of your loan amount for premiums each year. The Obama administration had planned to drop that rate to 0.60%. In 2014, the rate was 1.35%, after several increases to shore up FHA finances after the housing crash.
If the recent cut had gone into effect as expected Jan. 27, the California Assn. of Realtors estimates borrowers in the state using FHA loans would have saved an average of $860 a year.
The Full Story (January 23, 2017)
Monday, March 13, 2017
Bloomberg: Trump Reverses Obama's Mortgage Fee Cuts on First Day
By Joe Light:
Soon after Donald Trump was sworn in as president, his administration undid one of Barack Obama’s last-minute economic-policy actions: a mortgage-fee cut under a government program that’s popular with first-time home buyers and low-income borrowers.
The new administration on Friday said it’s canceling a reduction in the Federal Housing Administration’s annual fee for most borrowers. The cut would have reduced the annual premium for someone borrowing $200,000 by $500 in the first year.
* * *
“This action is completely out of alignment with President Trump’s words about having the government work for the people,” said John Taylor, president of the National Community Reinvestment Coalition, through a spokesman. “Exactly how does raising the cost of buying a home help average people?”
Sarah Edelman, director of housing policy for the left-leaning Center for American Progress, in an e-mail wrote, “On Day 1, the president has turned his back on middle-class families -- this decision effectively takes $500 out of the pocketbooks of families that were planning to buy a home in 2017. This is not the way to build a strong economy.”
The Full Story (January 20, 2017)
Soon after Donald Trump was sworn in as president, his administration undid one of Barack Obama’s last-minute economic-policy actions: a mortgage-fee cut under a government program that’s popular with first-time home buyers and low-income borrowers.
The new administration on Friday said it’s canceling a reduction in the Federal Housing Administration’s annual fee for most borrowers. The cut would have reduced the annual premium for someone borrowing $200,000 by $500 in the first year.
* * *
“This action is completely out of alignment with President Trump’s words about having the government work for the people,” said John Taylor, president of the National Community Reinvestment Coalition, through a spokesman. “Exactly how does raising the cost of buying a home help average people?”
Sarah Edelman, director of housing policy for the left-leaning Center for American Progress, in an e-mail wrote, “On Day 1, the president has turned his back on middle-class families -- this decision effectively takes $500 out of the pocketbooks of families that were planning to buy a home in 2017. This is not the way to build a strong economy.”
The Full Story (January 20, 2017)
Friday, March 10, 2017
Washington Post: Treasury Pick Emerges Smiling From Testy Hearing
By Ylan Q. Mui:
Treasury nominee Steven T. Mnuchin spent 17 years working at Goldman Sachs, part of what President-elect Donald Trump once called the “global power structure” that has “robbed” American workers. Mnuchin’s financial disclosures revealed ties to business entities in tax havens such as the Cayman Islands and Anguilla. Mnuchin managed a California bank accused of aggressively foreclosing on senior citizens — and then sold it for billions of dollars.
In previous presidential administrations, any one of those items might have been enough to sink a Cabinet nominee. But after a testy five-hour confirmation hearing Thursday, Mnuchin emerged bruised but not battered, upbeat and smiling as he left behind a gaggle of reporters to begin the countdown until Trump takes his place in the White House.
“You’ve certainly impressed a lot of people here, especially me,” Senate Finance Committee Chairman Orrin G. Hatch (R-Utah) told Mnuchin as the hearing wrapped up. “We’re going to help you get through this ordeal. You have friends on this committee on both sides of the aisle.”
Many of Trump’s choices to fill his Cabinet are facing sharp criticism of their records and questions about potential conflicts of interest. But at least so far, none of those potential red flags have emerged as roadblocks to confirmation.
The Full Story (January 19, 2017)
Treasury nominee Steven T. Mnuchin spent 17 years working at Goldman Sachs, part of what President-elect Donald Trump once called the “global power structure” that has “robbed” American workers. Mnuchin’s financial disclosures revealed ties to business entities in tax havens such as the Cayman Islands and Anguilla. Mnuchin managed a California bank accused of aggressively foreclosing on senior citizens — and then sold it for billions of dollars.
In previous presidential administrations, any one of those items might have been enough to sink a Cabinet nominee. But after a testy five-hour confirmation hearing Thursday, Mnuchin emerged bruised but not battered, upbeat and smiling as he left behind a gaggle of reporters to begin the countdown until Trump takes his place in the White House.
“You’ve certainly impressed a lot of people here, especially me,” Senate Finance Committee Chairman Orrin G. Hatch (R-Utah) told Mnuchin as the hearing wrapped up. “We’re going to help you get through this ordeal. You have friends on this committee on both sides of the aisle.”
Many of Trump’s choices to fill his Cabinet are facing sharp criticism of their records and questions about potential conflicts of interest. But at least so far, none of those potential red flags have emerged as roadblocks to confirmation.
The Full Story (January 19, 2017)
Tuesday, February 28, 2017
Think Progress: Trump is Already Forgetting America’s Farmers
By Ryan Richards:
After boasting on the campaign trail about his commitment to family farmers and to supporting America’s rural communities, President-elect Donald Trump has — with less than a week to go until his inauguration — yet to announce a nominee to serve as his Secretary of Agriculture.
The Department of Agriculture is the only federal cabinet agency for which Trump has not selected a nominee, leaving the agency and the millions of farmers it serves in limbo.
“The Secretary of Agriculture is the most important cabinet post for rural America and agriculture,” Dale McCall, president of the Rocky Mountain Farmers Union, told ThinkProgress. “We are disappointed this appointment hasn’t been made yet and are hopeful this is not indicative of the agriculture being a low priority.”
After boasting on the campaign trail about his commitment to family farmers and to supporting America’s rural communities, President-elect Donald Trump has — with less than a week to go until his inauguration — yet to announce a nominee to serve as his Secretary of Agriculture.
The Department of Agriculture is the only federal cabinet agency for which Trump has not selected a nominee, leaving the agency and the millions of farmers it serves in limbo.
“The Secretary of Agriculture is the most important cabinet post for rural America and agriculture,” Dale McCall, president of the Rocky Mountain Farmers Union, told ThinkProgress. “We are disappointed this appointment hasn’t been made yet and are hopeful this is not indicative of the agriculture being a low priority.”
Monday, February 6, 2017
Washington Post: A New Solution for Trump and His Team of Billionaires [is] Ignore the Law
By Dana Milbank:
President-elect Donald Trump, Gingrich said, should let those in his administration do as they wish with their personal fortunes and business interests and pardon them if they are found to have violated laws against using public office for personal enrichment. “He could simply say, ‘Look, I want them to be my advisers, I pardon them if anybody finds them to have behaved against the rules, period’,” Gingrich said on NPR’s “The Diane Rehm Show” on Monday.
“Drain the Swamp” is so October.
In another NPR interview on Wednesday, Gingrich said Trump’s “swamp” campaign theme had been relegated to the marshlands of history, asserting that “he now says it was cute, but he doesn’t want to use it anymore.”
Trump, in a subsequent tweet, said he will continue to use the phrase. But former Trump campaign manager Corey Lewandowski, who just announced he’s setting up a consulting firm that will profit from his proximity to the new president, told Fox News on Thursday that “drain the swamp is probably somewhere down at the bottom” of Trump’s to-do list.
Clearly. The Trumps recently proposed to auction off access to Ivanka Trump (bidding had exceeded $72,000 in charitable contributions for coffee with the presidential daughter), and they just distanced themselves from another scheme to auction access to Donald Trump Jr. and Eric Trump ($500,000 for a hunting trip) and the incoming president ($1 million for a private reception).
The Full Story (December 23, 2016)
President-elect Donald Trump, Gingrich said, should let those in his administration do as they wish with their personal fortunes and business interests and pardon them if they are found to have violated laws against using public office for personal enrichment. “He could simply say, ‘Look, I want them to be my advisers, I pardon them if anybody finds them to have behaved against the rules, period’,” Gingrich said on NPR’s “The Diane Rehm Show” on Monday.
“Drain the Swamp” is so October.
In another NPR interview on Wednesday, Gingrich said Trump’s “swamp” campaign theme had been relegated to the marshlands of history, asserting that “he now says it was cute, but he doesn’t want to use it anymore.”
Trump, in a subsequent tweet, said he will continue to use the phrase. But former Trump campaign manager Corey Lewandowski, who just announced he’s setting up a consulting firm that will profit from his proximity to the new president, told Fox News on Thursday that “drain the swamp is probably somewhere down at the bottom” of Trump’s to-do list.
Clearly. The Trumps recently proposed to auction off access to Ivanka Trump (bidding had exceeded $72,000 in charitable contributions for coffee with the presidential daughter), and they just distanced themselves from another scheme to auction access to Donald Trump Jr. and Eric Trump ($500,000 for a hunting trip) and the incoming president ($1 million for a private reception).
The Full Story (December 23, 2016)
Tuesday, January 31, 2017
Think Progress: Trump Hasn’t Been Sworn in Yet, but He’s Already Done With ‘Drain the Swamp’
There’s good reason Trump might want to distance himself from the slogan — it should be impossible for him to utter “drain the swamp” with a straight face these days given what he’s done since November 8.
One of Trump’s first actions as president-elect was to stuff his transition team full of lobbyists and Wall Street veterans. He did that despite saying in June that “if I am elected President, I will end the special interest monopoly in Washington, D.C.” and then the next month saying “I don’t want lobbyists, I don’t want special interests.” In October, spokeswoman Hope Hicks bragged to the Wall Street Journal about how registered lobbyists weren’t raising money for Trump. But Trump’s relationship to lobbyists changed almost immediately after he became president-elect.
Being rich isn’t the same as being corrupt, but it’s hard to insist you’re serious about ushering in a different way of doing business in Washington when your cabinet is the richest in history, with a combined wealth of well over $9.5 billion — greater than that of one-third of U.S. households combined. Not only are Trump’s choices rich, but they’re also well-connected insiders, with secretary of state nominee Rex Tillerson currently working as CEO of oil and gas giant ExxonMobil and treasury secretary nominee Steve Mnuchin having worked as a banker at Goldman Sachs. Mnuchin later become owner and chairman of OneWest bank, an institution that was described as a “foreclosure machine” by the California Reinvestment Coalition.
Trump’s pick of Goldman Sachs executive Gary Cohn as his director of the National Economic Council had some Trump supporters crying foul before November was even through.
Wednesday, January 25, 2017
Rolling Stone: The Vampire Squid Occupies Trump's White House
By Matt Taibbi:
One surprise election result and a mountain of jubilant #draintheswamp hashtags later, Donald Trump has filled his White House with, you guessed it, Goldman veterans.
His chief strategist, the unabashed white-supremacist loon Steve Bannon, is a former Goldman banker, as is adviser Anthony Scaramucci. Steve Mnuchin marks the fourth Goldman-pedigreed treasury secretary in the last four presidencies, after Bob Rubin, Lawrence Summers and Hank Paulson.
But the real shocker is the recent appointment of Goldman Chief Operating Officer Gary Cohn to the post of director of the National Economic Council. Bannon and Mnuchin were former, past Goldmanites. Cohn, meanwhile, is undoubtedly at least the number-two figure at the world's most despised bank, if not the outright co-head with Blankfein. He has been at the center of many of its most infamous episodes, including the Greek affair.
So much for draining the swamp.
The Full Story (December 16, 2016)
One surprise election result and a mountain of jubilant #draintheswamp hashtags later, Donald Trump has filled his White House with, you guessed it, Goldman veterans.
His chief strategist, the unabashed white-supremacist loon Steve Bannon, is a former Goldman banker, as is adviser Anthony Scaramucci. Steve Mnuchin marks the fourth Goldman-pedigreed treasury secretary in the last four presidencies, after Bob Rubin, Lawrence Summers and Hank Paulson.
But the real shocker is the recent appointment of Goldman Chief Operating Officer Gary Cohn to the post of director of the National Economic Council. Bannon and Mnuchin were former, past Goldmanites. Cohn, meanwhile, is undoubtedly at least the number-two figure at the world's most despised bank, if not the outright co-head with Blankfein. He has been at the center of many of its most infamous episodes, including the Greek affair.
So much for draining the swamp.
The Full Story (December 16, 2016)
Washington Post: Trump Needs to Get Over His Victory
One surprise election result and a mountain of jubilant #draintheswamp hashtags later, Donald Trump has filled his White House with, you guessed it, Goldman veterans.
His chief strategist, the unabashed white-supremacist loon Steve Bannon, is a former Goldman banker, as is adviser Anthony Scaramucci. Steve Mnuchin marks the fourth Goldman-pedigreed treasury secretary in the last four presidencies, after Bob Rubin, Lawrence Summers and Hank Paulson.
But the real shocker is the recent appointment of Goldman Chief Operating Officer Gary Cohn to the post of director of the National Economic Council. Bannon and Mnuchin were former, past Goldmanites. Cohn, meanwhile, is undoubtedly at least the number-two figure at the world's most despised bank, if not the outright co-head with Blankfein. He has been at the center of many of its most infamous episodes, including the Greek affair.
So much for draining the swamp.
Tuesday, January 24, 2017
Washington Post: The Eternal Mystique of Goldman Sachs
Throughout 2016, Donald Trump hammered Hillary Clinton for giving paid, closed-door speeches to Goldman Sachs, and he spat its name like it was the embodiment of evil. Goldman Sachs has “total control” over Clinton, he charged again and again.
And now? Trump has plucked his treasury secretary from Goldman. Trump’s senior adviser is a former Goldman guy. On Monday, Trump officially named his choice for director of the National Economic Council: the president of Goldman Sachs, Gary Cohn.
Monday, January 23, 2017
Washington Post: 5 Things Donald Trump Promised He’d Do, But Hasn’t
A plan to defeat the Islamic State, or ISIS
May 2015: “All I can tell you it is a foolproof way of winning, and I’m not talking about what some people would say, but it is a foolproof way of winning the war with ISIS.”
June 2015: “The problem with politics is if I tell you right now, everyone else is going to say, 'Wow, what a great idea.' You're going to have 10 candidates go and use it, and they're going to forget where it came from, which is me. But no, I have an absolute way of defeating ISIS.”
By August, Trump delivered a speech on radical Islamist terrorism that his website bills as “Donald Trump’s Detailed Plan to Defeat ISIS.” But the speech didn't include all that much detail concerning the Islamic State, specifically. And a month later, Trump pulled a 180, saying he would go to the military generals and have them assemble a plan in his first 30 days in office.
By late September, Conway said there was still a plan: “He certainly has a plan. I've heard it.”
We still don't know what that plan is. Trump has said he doesn't want to telegraph too much. But it's not clear whether his “foolproof” plan is the operable one, or whether he'll defer to the generals.
Thursday, January 12, 2017
Washington Post: Trump to Name Goldman Sachs Veteran Gary Cohn to Head National Economic Council
By Renae Merle, Ylan Q. Mui and Philip Rucker:
President-elect Donald Trump is expected to name a top Goldman Sachs executive, Gary Cohn, to lead the National Economic Council, handing the Wall Street veteran significant sway over his administration’s economic policy.
The council includes the heads of various departments and agencies and works within the administration to coordinate economic policy. As director, Cohn would be in position to advise Trump as he attempts to fulfill some of his chief campaign promises, including lowering corporate taxes and rethinking U.S. trade policy.
Trump intends to formally name Cohn to the post, which does not require Senate confirmation, but additional details remained unclear, according to a transition official who spoke on the condition of anonymity and was not authorized to speak publicly. The expected appointment was first reported by NBC News.
In Cohn, Trump would once again be picking a veteran of a New York investment bank that he repeatedly denounced during the campaign. During the campaign Trump argued that Goldman held “total control” over both Democrat Hillary Clinton and GOP rival Ted Cruz and he even released a television ad that flashed an image of Goldman Sachs chief executive Lloyd Blankfein and warned of a “global power structure” that was robbing American workers.
The Full Story (December 9, 2016)
See also: Trump Said to Offer Goldman's Cohn National Economic Council Job by Dakin Campbell and Saleha Mohsin of Bloomberg News.
President-elect Donald Trump is expected to name a top Goldman Sachs executive, Gary Cohn, to lead the National Economic Council, handing the Wall Street veteran significant sway over his administration’s economic policy.
The council includes the heads of various departments and agencies and works within the administration to coordinate economic policy. As director, Cohn would be in position to advise Trump as he attempts to fulfill some of his chief campaign promises, including lowering corporate taxes and rethinking U.S. trade policy.
Trump intends to formally name Cohn to the post, which does not require Senate confirmation, but additional details remained unclear, according to a transition official who spoke on the condition of anonymity and was not authorized to speak publicly. The expected appointment was first reported by NBC News.
In Cohn, Trump would once again be picking a veteran of a New York investment bank that he repeatedly denounced during the campaign. During the campaign Trump argued that Goldman held “total control” over both Democrat Hillary Clinton and GOP rival Ted Cruz and he even released a television ad that flashed an image of Goldman Sachs chief executive Lloyd Blankfein and warned of a “global power structure” that was robbing American workers.
The Full Story (December 9, 2016)
See also: Trump Said to Offer Goldman's Cohn National Economic Council Job by Dakin Campbell and Saleha Mohsin of Bloomberg News.
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