Trump Team Considers Eliminating Key U.S. Bank Regulators

President-elect Donald Trump's transition team is examining ways to reduce or eliminate top U.S. bank regulators. Discussions include potentially abolishing the FDIC and merging it with the Treasury Department. Elon Musk and Vivek Ramaswamy are leading efforts to cut government costs and restructure financial regulatory bodies.

In a bold move, President-elect Donald Trump's transition team is considering dramatic changes to U.S. financial oversight, the Wall Street Journal reported on Thursday. Proposals being discussed include the reduction, merger, or even elimination of key bank regulators in Washington.

Led by Elon Musk and Vivek Ramaswamy, the initiative under the newly formed Department of Government Efficiency (DOGE) explores the possibility of abolishing the Federal Deposit Insurance Corp (FDIC). The team's inquiries involve transferring deposit insurance to the Treasury Department, though such measures would necessitate congressional approval.

Plans to overhaul agencies like the FDIC and the Office of the Comptroller of the Currency entail potential job cuts and restructuring. The shift could lead to significant reorganization at federal banking regulatory bodies, aiming at increased efficiency and cost-cutting across the government.

(With inputs from agencies.)