The Trump transition team is reportedly considering a plan to consolidate the authority of various government agencies responsible for overseeing the banking industry. This initiative, as per sources familiar with the matter, aims to streamline regulatory functions and potentially reduce the scope of certain agencies.
One key aspect of the discussion involves the Federal Deposit Insurance Corporation (FDIC), which safeguards consumers' funds in basic bank accounts. There have been talks among Trump allies about transferring oversight of deposit insurance from the FDIC to the Treasury Department, which could lead to significant downsizing or even closure of the FDIC.
