Trump team mulls axing Great Depression-era agency that guards against bank failures: WSJ

[Norbert]

Namely the FDIC.

resident-elect Donald Trump's advisers, alongside tech billionaire Elon Musk's Department of Government Efficiency task force, are soliciting opinions from nominees on whether it would be possible for Trump to abolish the Federal Deposit Insurance Corporation, the Wall Street Journal reported Thursday.

For now, at least, the idea appears to be reorganizing its function rather than eliminating it outright. Trump's 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, some of the people said," reported Gina Heeb.

Regardless, such a proposal "would require congressional action," the report noted, and "while past presidents have reorganized and rebranded departments, Washington has never shut down a major cabinet-level agency and rarely closed other agencies like the FDIC that are not."

https://www.msn.com/en-us/money/markets/trump-team-mulls-axing-great-depression-era-agency-that-guards-against-bank-failures-wsj/ar-AA1vLR40?ocid=msedgntp&pc=HCTS&cvid=429f6ba9085446bd9b6c5954946d793a&ei=9

[Whiskeytide]

1. People who WANT anarchy are whispering in the fool's ear. n/t

[Klarkashton]

2. There is a reason and a goddamn good one for these

Agencies to have been around this long.

[Initech]

6. Yes, it was called the Great Depression.

And if that stupid fucking DOGE "agency" guts all of our protections and fires the whole government, say hello to Great Depression II: Depression Harder.

[newdeal2]

3. Get rid of FDIC and put your money into crypto

And then buy Trump's latest trinket. Just one big swamp.

[Initech]

5. Which is unregulated and can't be traced if stolen.

Last edited Fri Dec 13, 2024, 10:33 AM - Edit history (1)

Ugh this is a nightmare. Fuck this whole administration.

[JCMach1]

19. At least if you own you Crypto. If FDIC disappears there are NO GUARANTEES

Your money won't go poof...

[sheshe2]

4. I love that you write 'resident' elect trump.

TY!

[Mr.Bee]

7. In Chaos You can Steal

[Yavin4]

9. Chaos is a ladder.

Someone once said.

[FirstLight]

8. So then basically everything goes to shit...

What does that do for the value of cash? It becomes worthless paper?
We end up with an economy based on barter?
Just asking if I need to stock up on alcohol and cigarettes etc...

[Yavin4]

10. Can someone save a spot for me in the bread line?

Thanks.

[newdeal2]

12. Bread if your luckily

RFK off brand vitamins and unregulated mush for the rest of us.

[IronLionZion]

11. Make Depressions Great Again

who doesn't love some good bank failures with no way for people to recover their life savings?

If you want your deposits insured, you must be a commie.

[Wiz Imp]

13. This should scare the hell out of everyone

The FDIC is literally one of the most important agencies in the entirety of the Federal government in terms of the protections provides for all Americans.

[Figarosmom]

14. People would

Start putting their money under their mattress' again if there is no guarantee of protection against a bank going broke and taking all your money with them.

[Hekate]

16. SCOTUS, GOP, Heritage Foundation, Federalist Society: are trying to undo the entire 20th century

When Roe vs. Wade was overturned, people who were upset said we were “going back 50 years, “ but I saw immediately that SCOTUS’ intent went back much, much farther.

The second half of the 20th century was when I was born and grew up and became politically active, so what they were doing felt personal to what I knew and had observed and been involved in. But the latter half of the 20th century had been built on the first half — and it soon became obvious to me that the forces of regression were after the whole shebang.

[Yo_Mama_Been_Loggin]

17. He wants to take America back

to the 1920's.

'This is so bad': Experts rip Trump advisors’ 'cartoonishly evil' proposal to abolish FDIC

Some advisors to President-elect Donald Trump have reportedly floated several ideas to gut regulations on banks, including one proposal to eliminate the Federal Deposit Insurance Corporation (FDIC).

The Wall Street Journal reported Thursday that several unnamed advisors and officials close to Trump — including some who part of the "Department of Government Efficiency" (which is not yet an actual federal agency authorized by Congress) — are mulling several major changes to government oversight of the banking sector. The Officer of the Comptroller of the Currency (OCC) and the Federal Reserve have also been eyed for "restructuring," according to the Journal.

Under the plan, the FDIC would be eliminated, but deposit insurance would be rolled into the Department of the Treasury. Still, the proposal set off alarm bells among various experts on social media. Historian Kevin Kruse wrote on Bluesky that past major reforms to financial regulators sometimes led to catastrophe.

"When I lecture about New Deal banking reforms, I note that some of the key measures — like Glass Steagall — were repealed by the right with disastrous results like the 2008 financial meltdown, but ha ha, no one will ever be stupid enough to kill FDIC and bring back the old bank runs," Kruse wrote.

https://www.msn.com/en-us/money/markets/this-is-so-bad-experts-rip-trump-advisors-cartoonishly-evil-proposal-to-abolish-fdic/ar-AA1vM8vF

[madinmaryland]

18. Back to the 1850's is more like it. When only white males could own property, vote, etc.

Everyone else was a second or third class citizen (or subhuman.). 🤬🤬

[Blue_Tires]

20. I'm confused... How does this help the working and middle class again??

I need a Trumper to explain it to me...