‘The next recession starts here’: Trump team weighs abolishing bank regulators(www.commondreams.org)

posted 9 days ago

MicroWave@lemmy.world

politics@lemmy.world

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Summary

Trump’s team is considering abolishing key banking regulators, including the FDIC and OCC, with plans to consolidate their functions under the Treasury Department.

Critics warn this could undermine public trust in banking, weaken deposit insurance protections, and risk another financial crisis.

The FDIC, established during the Great Depression, played a crucial role in managing the 2023 banking crisis.

Trump allies, backed by financial industry donors, are also targeting other consumer protections, reflecting sweeping deregulatory ambitions tied to Project 2025’s proposals.

Experts fear these moves could destabilize the economy.

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peoplebeproblems@midwest.social

18 points

8 days ago

Destabilize?

No, this is far worse. Big banks will just take your money. Credit Unions? I have no fucking idea.

I also can’t just walk into my bank and pull out $10k without raising all sorts of questions and concerns.

Jesus fuck.

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Alex@lemmy.world

8 points

8 days ago

When gambling on the failure of stocks is allowed you get stupid people trying to tear the whole thing down over a quick buck smh.

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jagged_circle@feddit.nl

3 points

7 days ago

You should be able to pull out $10k fairly easily. When you go to spend $10k in cash, that’s where you’ll get a ton of resistance.

So keep bank receipts for large cash withdrawals.

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