Trump's Advisors Seek to Downsize or Eliminate Bank Regulators

According to a report based on knowledgeable sources, President-elect Donald Trump's transition team is exploring ways to significantly reduce, consolidate, or even eliminate the highest level of bank regulators in Washington.

The report states that Trump's advisors and officials from the newly established Office of Government Efficiency (DOGE) have examined the possibility of abolishing the Federal Deposit Insurance Corporation (FDIC). It also mentions that advisors inquired whether deposit insurance could be transferred under the Treasury Department to candidates considered for the FDIC and the Office of the Comptroller of the Currency (OCC). Furthermore, the report notes that any proposal to eliminate the FDIC or any institution would require a congressional decision.

Last month, billionaire Elon Musk, who was tasked by Trump with reducing government expenses, further increased his influence by calling for the abolition of the Consumer Financial Protection Bureau, having donated millions of dollars to aid Trump’s election.