NurPhoto by Getty Images
What you need to know
- The Trump transition team is exploring a range of financial sector reforms, The Wall Street Journal reported, including shutting the Federal Deposit Insurance Corp.
- Trump’s advisers also have discussed the possibility of combining or restructuring federal banking regulators.
- A few of these ideas require Congress to act.
President-elect Donald Trump’s transition team is exploring a range of financial sector reforms including shutting the Federal Deposit Insurance Corp. (FDIC), The Wall Street Journal reported.
In interviews, Trump’s advisers asked candidates for the top bank regulatory positions whether Trump would abolish the watchdog.
Deposit insurance would then be absorbed into the Treasury Department, the Trump team has suggested to the FDIC and the Office of the Comptroller of the Currency (OCC) nominees. Congress would have to take action in order to close the FDIC.
Trump’s advisers, as well as potential nominees for the presidency have all been contacted. “discussed plans to either combine or otherwise restructure” the main federal bank regulators: the FDIC, the OCC and the Federal Reserve. The FDIC did not immediately reply to Investopedia’s comment request.
The report stated that potential nominees for FDIC roles have been interviewed by Treasury Secretary Scott Bessent, and the DOGE. Bessent was a Wall Street executive who had been selected last month by Trump. Bessent has promoted Trump’s economic agenda, including tariffs and lower taxes.
Martin Gruenberg, the current FDIC chairman, announced last month that his tenure would conclude on Jan. 19 – one day prior to Trump’s Inauguration.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
