Donald Trump Transition Team Considers Slimming Down Or Even Doing Away With Some Banking Regulators, WSJ Says

US
President-elect
Donald
Trump
and
his
transition
team
are
reportedly
exploring
whether
the
new
administration
can
slim
down
or
even
completely
do
away
with
some
banking
regulators,
according
to
the
Wall
Street
Journal
(WSJ).

Trump
advisers
from
the
Department
of
Government
Efficiency
(DOGE)
have
asked
in
interviews
with
regulators
in
the
banking
industry
if
a
president
could,
for
example,
abolish
the
Federal
Deposit
Insurance
Corporation
(FDIC),
the
WSJ
said
in
a
Dec.
12


report,
citing
people
familiar
with
the
matter.

Trump
Advisers
Consider
Lumping
Together
FDIC,
OCC
And
The
Federal
Reserve

In
addition
to
the
potential
termination
of
the
FDIC,
advisers
to


Trump

have
also
inquired
with
possible
appointees
for
the
FDIC
and
the
Office
of
the
Controller
of
the
Currency
(OCC)
about
the
possibility
of
integrating
bank
deposit
insurance
into
the
Treasury.
They
have
floated
ideas
related
to
combining
or
overhauling
the
OCC,
FDIC
and
Federal
Reserve
as
well. 

If
Trump’s
team
decides
to
restructure
or
remove
any
government
agencies,
the
Republican-majority
Congress
would
have
to
deliberate
on
the
rare
and
complex
undertaking
of
whether
the
FDIC
or
any
other
agency
will
be
eliminated.

Until
then,
Trump
already
has
clearance
to
pick
a
new
FDIC
Chair.
Last
month,
current
FDIC
Chair
Martin
Gruenberg
announced
that
he
would
retire
on
Jan.
19,
which
is
just
a
day
before
Trump
takes
the
White
House.
Gruenberg
has
been
accused
of
being
an
architect
of
the
rumored
Biden
administration’s
scheme
to
cut
off
the
crypto
space
from
banks.

Elon
Musk
Calls
To
“Delete”
CFPB

The
push
to
slim
down
the
amount
of
regulators
and
government
agencies
follows
a
Nov.
27
X
post
from
Tesla
and
SpaceX
founder
Elon
Musk,
which
said
there
are
“too
many
duplicative
regulatory
agencies”
in
the
US. 

Delete
CFPB.
There
are
too
many
duplicative
regulatory
agencies.

—
Elon
Musk
(@elonmusk)

November
27,
2024

He
also
called
to
“delete”
the
Consumer
Financial
Protection
Bureau
(CFPB),
an
agency
that
was
created
after
the
2008
financial
crisis.

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