US media: Trump team considers abolishing the Federal Deposit Insurance Corporation

sources revealed that Trump's advisors and officials in his newly formed government efficiency department inquired about the possibility of abolishing the US Federal Deposit Insurance Corporation. Some of them also asked nominees for positions related to the Federal Deposit Insurance Corporation and the US Office of the Comptroller of the Currency (OCC) whether the deposit insurance business could be merged into the Department of the Treasury. While banking executives are optimistic that Trump will relax regulations on capital buffers, consumer protection, and industry consolidation, the deposit insurance business of the Federal Deposit Insurance Corporation is considered almost sacred and inviolable. Any action that could potentially undermine people's understanding of deposit insurance could quickly trigger a chain reaction in the banking industry and exacerbate customer panic during a crisis. (Jin10)