Trump Transition Team Seeks to Abolish Bank Regulatory Agencies and More
The transition team of President-elect Donald Trump is reportedly exploring plans to significantly downsize or abolish banking regulatory agencies, including the Federal Deposit Insurance Corporation (FDIC), according to a report by The Wall Street Journal (WSJ) on the 12th (local time).
According to the WSJ report citing sources, Trump’s advisers and officials from the newly established Department of Government Efficiency (DOGE) recently interviewed candidates to lead banking regulatory agencies and asked whether President-elect Trump might abolish the FDIC. Sources also said they asked FDIC and Office of the Comptroller of the Currency (OCC) candidates if deposit insurance could be absorbed into the Treasury Department. The WSJ noted that abolishing the FDIC or other agencies would require congressional approval.
Elon Musk, CEO of Tesla and nominated as co-head of the Department of Government Efficiency responsible for federal government restructuring in the second Trump administration, also identified the Consumer Financial Protection Bureau (CFPB), established during former President Barack Obama’s administration, as an agency that should be abolished last month.
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The WSJ also reported that Trump’s advisers and candidates for heads of banking regulatory agencies discussed plans to consolidate or restructure major federal banking regulators such as the Federal Reserve (Fed), FDIC, and OCC.
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