‘The next recession starts here’: Trump team weighs abolishing bank regulators - eviltoast

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.

  • CharlesDarwin@lemmy.world
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    21 hours ago

    Exactly. Maybe that’s the cui bono here - some asshole in donvict’s circle stands to gain a lot of money. I hate the overuse of those apps, by the way. People always telling me to venmo them. I often try to just hand them cash. I hate having some middle man take 3% just to move some bits; absurd.

    • Alexstarfire@lemmy.world
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      19 hours ago

      Uhh, you can use Venmo without losing money. It only costs extra if you use the instant withdrawal functionality. Just wait the 2-3 days to get your money.

      That said, I’d rather get cash as well. I don’t like Venmo but sometimes it’s the much easier way. Such as when people live in other states.

      • CharlesDarwin@lemmy.world
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        18 hours ago

        How do you move money in and out of Venmo without any fees? I get a 3% fee if I transfer from credit card. I see you can deposit a check and pay 1%.

        • Alexstarfire@lemmy.world
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          18 hours ago

          I just transfer from/to a bank account. That’s free.

          The way you’re doing it is basically having them spot you the money until your payment clears. There is a risk, and they charge for that.