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.

  • @inkrifle
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    771 month ago

    Wasn’t lack of regulation what caused the 2008 recession?

      • @CharlesDarwin
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        1 month ago

        They found a way to blame it all on the poorz. Oh, and POC.

    • @Maggoty
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      830 days ago

      I think you misspelled “Poor people trying to live above their divinely ordained station!”

      • American GOP and Finance Industry
    • @Knock_Knock_Lemmy_In
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      429 days ago

      Sort of. 2008 happened because new financial products called CDOs allowed shit loans to be turned into gold, and people insured that gold.

      More regulation may have helped, but there was a very specific cause.

    • @[email protected]
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      229 days ago

      Yes, because the bankers made dumb deals for greedy profits. and then committed a lot of fraud.

      I recommend the movie The Big Short (or the book its based on)

    • @rottingleaf
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      11 month ago

      Of what I’ve read, regulation in the direction opposite from sane too.