WSJ: Trump team seeks to cut or merge bank regulators

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According to a report in The Wall Street Journal, ChainCatcher reports that Trump's team is inquiring whether the president-elect can cancel or merge financial regulatory agencies.

People familiar with the matter revealed that advisers to President-elect Trump have asked some advisers to the Department of Government Efficiency led by Elon Musk whether the Federal Deposit Insurance Corporation (FDIC) could be abolished during interviews with potential bank regulatory agency candidates.

Trump's advisers also asked potential candidates for the FDIC and the Office of the Comptroller of the Currency about the possibility of merging bank deposit insurance into the Treasury Department. In addition, they proposed plans to merge or overhaul the FDIC, the OCC, and the Federal Reserve.

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