'The Next Recession Starts Here': Trump Team Weighs Abolishing Bank Regulators | Common Dreams
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President-elect Donald Trump and his advisers are reportedly considering plans to weaken—or abolish altogether—top bank regulators, including the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency.

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.

  • @Gigasser
    19•1 month ago

    What? Cash still works man, and probably will still work. They just made non-cash ways of spending money more convenient, which is why so many aren’t using cash anymore, but it won’t go anytime soon.

    Or are you talking about something else I’m not thinking of?

    • TheLowestStone
      15•1 month ago

      To pay my rent I would have to take my paycheck physically to a bank, cash my check, use that cash to buy multiple money orders, and then mail those money orders. Keep in mind this has to be done early enough to be delivered before the 1st and that the bank is mostly open when I’m at work.

      • @4lan
        1•1 month ago

        NYC Philly Denver San Francisco NJ DC

        All these require businesses to accept cash. The only states where it was proposed and shut down was in red states; ND MS

        “85% of sellers who accept cash and use the online payment processing service Square said they never plan to stop taking cash, according to Shelle Santana, an assistant professor at Harvard Business School who has been analyzing Square transaction data.”

        Republicans don’t care about discriminating against unbanked people. Sounds like you probably live in a Republican hell hole

        • TheLowestStone
          5•1 month ago

          What point are you trying to make? Nothing you said addresses any of the barriers to using cash exclusively that I brought up. My landlord doesn’t live nearby so I can’t exactly just go hand him a massive wad of cash nor will my employer pay me in cash so I don’t have to get to a bank during business hours.

          I live in California by the way.

      • bufalo1973
        1•29 days ago

        Have an “empty” account where you put only the money you need to transfer and do the transfer right after that.