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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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