The president of the United States said Wednesday that his administration is ending a program that allowed companies to refinance mortgages and pay off debts with taxpayer money, saying he’s trying to get them to keep their jobs here.
“The big banks, they’re taking jobs, they pay off their loans, and they put them up in another country,” Trump told a group of business executives at a meeting at the White House.
“We are not going to allow that.
We are not, and I will do what’s right for our country.”
He said he wants to make it clear that he is not interested in a bailout for the banks that he has repeatedly blamed for the financial crisis.
“That is not going back into my plan.
I am not going into a plan that is going to hurt people,” Trump said.
“It is not a bailout.
It is a plan of change.”
Trump has repeatedly accused the banks of using the taxpayer money to finance their businesses and homes in Mexico.
The banks have been blamed for contributing to the country’s high rates of poverty, the foreclosure crisis and a large number of deaths.
He has proposed using the money to pay off the $200 billion in outstanding federal and state debt, which he said has ballooned over the past decade.
He said the debt has to be paid in full.
“I’m going to stop it, and when I do, I will say it’s in the best interest of the American people, and the Mexican people, because we have to pay it off,” Trump insisted.
“There is no other way, because they are not paying it off.
So I’m going into the business world, and we’re going to be able to renegotiate.
We’re going into negotiations.”
Trump also said that he wants the Federal Reserve to begin its monthly meetings with the Treasury Secretary to discuss how to end the Fed’s bond buying program that has helped the banks.
Trump has proposed cutting the size of the Fed, a move he said would reduce its ability to borrow to pay for purchases of mortgage-backed securities.
“You don’t do it until you get the economy going again,” Trump added.
“And if you don’t get it going, then you do it.
And I will not do it if it’s a bubble.
I will absolutely do it.”
Trump said he is also considering ending the program that gives banks a small amount of cash each month to purchase government bonds.
“If they do not have the cash, they will not be able,” Trump stated.
“So, I have a very simple plan.
The Federal Reserve has to start the monthly payments of cash.
The Treasury Secretary has to take care of that.
Then the Fed has to stop the bond buying, and there will be no more bailouts.”