WSJ: Trump Team Is Discussing Abolishing The FDIC

CNN reports:

The Federal Deposit Insurance Corporation (FDIC) was created during the Great Depression to restore trust in a financial system shaken by the failure of thousands of banks.

Today, during a time of distrust in government, the FDIC stands apart in the alphabet soup of bank regulators as a rare agency that many Americans trust. It has a long track record of protecting insured bank deposits, during good times and bad.

Yet it’s unclear whether the FDIC can survive Trump 2.0. Sources told CNN’s Kayla Tausche that allies of President-elect Donald Trump have discussed the possibility of dismantling the FDIC, giving Treasury oversight of deposit insurance, and allowing the federal government to substantially shrink or even close the rest of the agency.

Read the full article. The story was first reported by the Wall Street Journal, whose piece below is behind a paywall. Photo: Treasury Secretary nominee Scott Bessent.

Work your whole life. Save. Help the next generation begin their journey. And have all of it ripped from you by a cabal of billionaires with digital currency eliminating the FDIC. Exclusive | Trump Advisers Seek to Shrink or Eliminate Bank Regulators-WSJ https://t.co/DR6AFbQ1JS

— Luke Zaleski (@ZaleskiLuke) December 13, 2024