President Donald Trump’s chosen team is exploring changes to the United States (US) banking system, potentially eliminating or merging key regulatory agencies.
The Department of Government Efficiency (DOGE), led by business icons Elon Musk and Vivek Ramaswamy, is considering plans to cut costs and overhaul the way banks are supervised.
Among those being discussed is eliminating the Federal Deposit Insurance Corporation (FDIC).
Another option would be to shift its role, such as transferring deposit insurance responsibility to the Treasury Department.
However, such a change would require approval from Congress.
The Trump team is also looking at merging or reorganizing the FDIC, the Office of the Comptroller of the Currency (OCC), and even parts of the Federal Reserve.
In one proposal, only one agency would remain responsible for regulating banks, while others could focus on non-regulatory tasks.
Elon Musk has suggested closing the Consumer Financial Protection Bureau (CFPB) and replacing its role with consumer education.
The proposal could result in significant job cuts and stricter workplace regulations to reduce government spending.
The sweeping plan is part of Trump's vision to streamline government operations.
Musk and Ramaswamy, co-chairs of DOGE, aim to make federal agencies more business-friendly.
