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Treasury Secretary Mnuchin denies Trump discussed firing Fed chair Powell
Washington, Dec 23 (IANS) US Treasury Secretary Steven Mnuchin has denied reports that President Donald Trump had privately discussed the likely removal of Federal Reserve Chairman Jerome Powell.
Mnuchin tweeted late on Saturday that Trump told him he never suggested dismissing the Fed chief, a move that could roil the already volatile financial markets, sources familiar with the situation had said.
“I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so,” Mnuchin quoted Trump as telling him.
Earlier source-based reports on Saturday had in the US media talked about the Trump decision to fire Powell, CNBC said.
However, later in the day, other sources said that they did not expect the President to dismiss the US central bank chief despite his public and private objections to the Fed’s interest rate-hiking campaign and repeated criticism of Powell, whom he appointed, the CNBC reported.
The Fed has declined to comment when asked about the latest development.
In an email to CNBC, Greg Valliere, chief global strategist at Horizon Investments, lambasted the idea as “insane” and “utter madness.”
In response to an inquiry, White House Press Secretary Sarah Huckabee-Sanders said: “I’m aware of no plans to fire Powell.”
An attempt to remove the Fed chairman would be unprecedented and seen as an attack on the US central bank’s independence. It would be on potentially shaky legal ground, and would probably hit financial markets around the globe, the CNBC reported.
Trump has frequently attacked Powell, who was sworn in as Fed chairman in February 2017, and the Fed for raising borrowing costs recently, especially as US stocks have tumbled and yields on US government debt have begun to signal a possible recession ahead.
Before the central bank’s policy meeting earlier this week, Trump, a former business tycoon, had warned against lifting rates when stock markets were slumping.
Despite the public jaw-boning, the central bank lifted rates for the fourth time this year on Wednesday, citing the US economy’s continued strong performance.
US stocks and bond yields fell hard after the decision. The Dow Jones industrial average had its worst week since the 2008 financial crisis, while the Nasdaq sank into bear market territory.
Earlier in December, Trump, in an interview, had said he liked Powell, but not his policies.
“I think he’s a good man. I think he’s trying to do what he thinks is best. I disagree with him,” Trump said. “I think he’s being too aggressive, far too aggressive, actually far too aggressive.”
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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