The Trump transition team is considering ways to shrink, consolidate or eliminate bank regulators in Washington, D.C., a move that would have a massive impact on agencies in charge of protecting consumers' money, according to The Wall Street Journal.
One of the ideas involves getting rid of the Federal Deposit Insurance Corp. In interviews with candidates to lead the FDIC and the Office of the Comptroller of the Currency (OCC), Trump advisers are asking if the president-elect would have the power to abolish the FDIC and whether deposit insurance could be absorbed into the Treasury Department, the publication reported.
