The federal government launched the FDIC in the aftermath of the Great Depression. Photo: Diego M. Radzinschi/ALMTrump Mulls Big Changes to Banking Regulation, Unsettling the Industry
“The FDIC is the glue that holds the whole banking industry together. Getting rid of it is a very bad idea," said Bill Isaac, who was FDIC chair from 1981 and 1985.
December 17, 2024 at 08:24 AM
5 minute read
President-elect Donald Trump and his team of advisers, including Elon Musk, are exploring radical changes to bank regulation, including shutting down the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau or folding them into other agencies, according to news reports.
However, former officials and legal experts say that eliminating those agencies, which protect the public from bank failures and abusive financial practices, is highly improbable, even with the White House and both chambers of Congress controlled by Republicans.
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