Official announcements from the U.S. government or credible news sources like The Wall Street Journal

Trump Team Considers Abolishing FDIC, Merging Bank Regulators

Dec 13, 2024, 02:15 AM

President-elect Donald Trump's transition team is considering significant changes to the U.S. financial regulatory landscape, potentially involving the reduction, consolidation, or even elimination of key bank regulators. Discussions include the possibility of abolishing the Federal Deposit Insurance Corporation (FDIC) and transferring its deposit insurance responsibilities to the Treasury Department. This overhaul is part of a broader initiative by Trump's advisors and the newly established Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, to streamline federal oversight. The Wall Street Journal has reported on these plans, citing sources familiar with the matter. The team has interviewed candidates for regulatory positions, exploring options like merging the FDIC, the Office of the Comptroller of the Currency (OCC), and the Federal Reserve (FRB), or reducing the scope of their regulatory functions.