Trump Advisers Explore Closing, Reorganizing Bank Regulators, Report Says | Global News Avenue

President-elect Donald Trump’s transition team is exploring a series of financial sector reforms, including shutting down Federal Deposit Insurance Corporation (FDIC), wall street journal reported.

according to periodical Report says Trump’s advisers and officials benefited from his new Department of Government Efficiency (DOGE)An advisory group co-chaired by Elon Musk and Vivek Ramaswamy asked the president-elect whether he could abolish the regulator as it interviews potential nominees to lead the banking regulator.

The Trump team recommended to the FDIC and the Treasury Department that deposit insurance be included in the Treasury Department. Office of the Comptroller of the Currency (OCC) Nominators. Closing the FDIC requires congressional action.

Trump advisers and potential nominees have also “discussed plans to merge or otherwise reorganize” key federal bank regulators: the FDIC, OCC and Fed. There was no immediate response from the FDIC. investment encyclopedia Request to comment.

Potential nominees for the FDIC position have already conducted interviews with Treasury Secretary candidate Scott Bessent and DOGE, the report said. Wall Street veteran Bessant selected by Trump last month and promoted the president-elect’s economic agenda of tariffs, tax cuts, and reduced federal regulations.

Current FDIC Chairman Martin Gruenberg said last month that he would end his term on January 19, the day before Trump’s inauguration.