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US government institutions intended to stabilize the financial system during emergencies may be on the chopping block once Donald Trump is inaugurated, the Wall Street Journal reports.
Officials on his transition team are looking at ways to eliminate or downsize institutions like the Federal Deposit Insurance Corporation, which was created after the Great Depression to prevent the bank runs that wiped out American’ savings at the onset of that long-lasting economic crisis.
In recent interviews with potential nominees to lead bank regulatory agencies, Trump advisers and officials from his newfound Department of Government Efficiency have, for example, asked whether the president-elect could abolish the Federal Deposit Insurance Corp., people familiar with the matter said.
Advisers have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department, some of the people said.