File 030986
Email Chain: Steve Bannon Discussion of Federal Reserve Chief and Treasury Secretary (File 030986)
Email exchange between Steve Bannon and correspondent J regarding Trump's consideration of firing Federal Reserve Chair Jerome Powell, with commentary on Powell's financial market experience and credentials.
Summary
Steve Bannon forwards a TheHill article about Trump considering firing Federal Reserve Chief Jerome Powell following interest rate increases. The correspondent J responds with historical context about Powell's 1993-1995 tenure at Bankers Trust, where he departed after customer losses from derivatives, and his subsequent return to Dillon, Read & Co. Bannon's response dismisses Powell's market understanding from 25 years prior and references Obama's appointment of Powell to a board. The email includes a standard confidentiality notice and is marked as high importance.
From: Steve BannonSent: 12/22/2018 3:31:34 PMTo: J [jeevacation@gmail.com]Subject: Re: Trump has discussed firing Fed chief after latest interest rate hike: report I TheHillImportance: HighLMAOPerfect mnuchin hitOn Dec 22, 2018, at 9:22 AM, J <jeevacation@gmail.com> wrote:In 1993, Powell began working as a managing director for Bankers Trust, but he quit in 1995 after the bank gotinto trouble when several customers suffered large losses due to derivatives. He then went back to work forDillon, Read & Co.f15]he didnt understand the markets 25 years ago. obama appointed him to the board, what else do you guys need to knowOn Sat, Dec 22, 2018 at 8:21 AM Steve Bannon c> wrote:https://thehill.com/policy/finance/422577-trump-considering-firing-federal-reserve-chief-after-latest-interest-rate-hikeplease noteThe information contained in this communication isconfidential, may be attorney-client privileged, mayconstitute inside information, and is intended only forthe use of the addressee. It is the property ofJEEUnauthorized use, disclosure or copying of thiscommunication or any part thereof is strictly prohibitedand may be unlawful. If you have received thiscommunication in error, please notify us immediately byreturn e-mail or by e-mail to jeevacation@gmail.com, anddestroy this communication and all copies thereof,including all attachments. copyright -all rights reservedHOUSE OVERSIGHT 030986