WSJ: Trump's team seeks to cut or merge banking regulators

ChainCatcher news, according to The Wall Street Journal, Trump's team is inquiring whether the president-elect can eliminate financial regulatory agencies or merge them together.

Sources familiar with the matter revealed that advisors to president-elect Trump asked some consultants from the Department of Government Efficiency, led by Elon Musk, whether it would be possible to abolish the Federal Deposit Insurance Corporation (FDIC) during discussions with potential candidates for banking regulatory positions.

Trump's advisors also inquired about potential candidates for the FDIC and the Office of the Comptroller of the Currency, asking if bank deposit insurance could be incorporated into the Treasury Department. Additionally, plans were proposed to merge or completely reform the FDIC, the Office of the Comptroller of the Currency, and the Federal Reserve.