Trump Advisers Seek to Shrink Bank Regulation

[applegrove]

Trump Advisers Seek to Shrink Bank Regulation

December 12, 2024 at 8:30 pm EST By Taegan Goddard 10 Comments

https://politicalwire.com/2024/12/12/trump-advisers-seek-to-shrink-bank-regulation/

"SNIP...........

“The Trump transition team has started to explore pathways to dramatically shrink, consolidate or even eliminate the top bank watchdogs in Washington,” the Wall Street Journal reports.

“In recent interviews with potential nominees to lead bank regulatory agencies, Trump advisers and officials from his newfound Department of Government Efficiency have, for example, asked whether the president-elect could abolish the Federal Deposit Insurance Corp.”

“Advisers have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department.”

............SNIP"

[applegrove]

1. Great. The public take on the risk I bet instead of banks. Just like

in the naughts. That went well. I hope I'm wrong.

[sakabatou]

2. Just what we need, banks screwing people over. AGAIN.

[dweller]

3. I'm going to need

a bigger mattress
🫤



✌🏻

[edhopper]

4. That always ends badly

Let's repeat the 2008 crash, shall we?

[yaesu]

5. Very soon banks will be charging 30-40% CC interest rates, bankruptsy will be replaced with debtors prisons

or concentration camps, and that will be just for starters.

[Xolodno]

6. Trump has gone on record that he likes real estate crashes....

...so he can buy assets on the cheap.

I will probably raise capital myself if he is successful in doing so, it's not the moral thing to do, but, if I don't, someone else will.

The worst part, it guts employment opportunities. Underwater on a mortgage and you become unemployed, but taking that other job in another state becomes harder. Banks were given latitude in 2008 to modify mortgages, debt equity swaps, etc. all they did was give token examples and foreclosed on everyone else since they were all bailed out.

[applegrove]

7. Private Equity and Hedge Funds like crashes too for the

same reason: previously successful mid sized companies may be forced to sell out to a private equity group when they never would before.

[IcyPeas]

8. How can you open a bank account in Canada or the UK? Asking for a friend.

[applegrove]

9. Canada is risky as Trump is threatening 25% tariff. Our

dollar is going down. UK is in the dulldrums. I forget why. Brexit or something.

[PeaceWave]

10. Without FDIC insurance, some folks may pull their savings. Nice way to trigger a run on the banks.

[applegrove]

11. They would move the FDIC to the Treasury Department.