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Executive Orders & Regulation Rollbacks
- Thread starter nycfan
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- Politics
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“… In recent discussions, Trump advisers and allies have examined whether it is possible to collapse the Federal Deposit Insurance Corp. into the Treasury Department, according to people familiar with the matter. They have also discussed combining the FDIC’s regulatory role with the Office of the Comptroller of the Currency under Treasury.
… Discussions on how to shrink, consolidate or even eliminate the bank regulators have been under way since at least late last year, The Wall Street Journal previously reported. Those discussions included combining or otherwise restructuring the FDIC, OCC and the Federal Reserve’s supervision role, the Journal reported.
Some Trump allies have pushed for a political loyalist to be named the Fed’s vice chair for supervision, some of the people said. Bankers have advocated for the role to be filled by Fed governor Michelle Bowman and have pressed the administration to move quickly. …”
… Discussions on how to shrink, consolidate or even eliminate the bank regulators have been under way since at least late last year, The Wall Street Journal previously reported. Those discussions included combining or otherwise restructuring the FDIC, OCC and the Federal Reserve’s supervision role, the Journal reported.
Some Trump allies have pushed for a political loyalist to be named the Fed’s vice chair for supervision, some of the people said. Bankers have advocated for the role to be filled by Fed governor Michelle Bowman and have pressed the administration to move quickly. …”
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Continued
“… In a recent proposal, one individual would lead both the OCC and the FDIC, people familiar with the matter said. That would allow the OCC to attempt to take over all of the FDIC’s work supervising banks and potentially its role winding down failed banks, the people said. The FDIC, which is funded by insurance premiums paid by banks, would be left in charge of deposit insurance.
… Bankers have remained broadly optimistic that Trump’s administration will have a friendlier stance toward capital requirements, mergers and acquisitions and technology partnerships.
But they would be wary if any changes threatened to undermine even the perception of the ability for the government to insure deposits, monitor risks and coordinate orderly closures across the more than 4,000 banks in the country.
Some bankers have called for the expansion of deposit insurance, particularly in the wake of several bank failures in 2023.
Not all banks are against a system of multiple regulators, which allows them to shop around for a lighter touch and work with staff familiar with their size and complexity. …”
“… In a recent proposal, one individual would lead both the OCC and the FDIC, people familiar with the matter said. That would allow the OCC to attempt to take over all of the FDIC’s work supervising banks and potentially its role winding down failed banks, the people said. The FDIC, which is funded by insurance premiums paid by banks, would be left in charge of deposit insurance.
… Bankers have remained broadly optimistic that Trump’s administration will have a friendlier stance toward capital requirements, mergers and acquisitions and technology partnerships.
But they would be wary if any changes threatened to undermine even the perception of the ability for the government to insure deposits, monitor risks and coordinate orderly closures across the more than 4,000 banks in the country.
Some bankers have called for the expansion of deposit insurance, particularly in the wake of several bank failures in 2023.
Not all banks are against a system of multiple regulators, which allows them to shop around for a lighter touch and work with staff familiar with their size and complexity. …”
DiehardHeelFan
Distinguished Member
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I’ve noticed the FDIC signage on my banking/CC apps are much more noticeable at the top of sign on screens. Could be nothing but has a feel of “trust us, your money is insured”. Yes, but for how long? 
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‘Deregulation by Firings’: Breaking Down the Cuts to Financial Oversight
The furious pace of deregulation is gutting agencies intended to protect ordinary Americans, consumer advocates say. But business groups have long favored regulatory relief.
How Trump Is Gutting Regulatory Agencies Like the SEC, CFPB and EEOC
The furious pace of deregulation is gutting agencies intended to protect ordinary Americans, consumer advocates say. But business groups have long favored regulatory relief.
“… A combination of firings, stop-work orders and litigation pauses has hobbled regulators like the Consumer Financial Protection Bureau, the Equal Employment Opportunity Commission, the National Labor Relations Board, and the Securities and Exchange Commission.
The moves have led the S.E.C. to pull back on its attempt to police the cryptocurrency boom and upended efforts at other agencies to protect worker rights.
… But the upshot of all this upheaval is simple: Regulatory agencies that are intended to protect ordinary Americans, workers and homeowners are being gutted, consumer advocates say. …”
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“… The immigration order bars the use of federal money for migrants in the country illegally, directing all agencies to identify any federally funded programs that do so.
The executive action also ensures that federal funds cannot be used by state or local "sanctuary" jurisdictions, according to the White House. [???] Sanctuary cities prevent local law enforcement from assisting federal civil immigration officers.
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“… In another order, Trump instructed the heads of every agency to undertake a review of all regulations, working with members of Elon Musk's Department of Government Efficiency. Any regulations that are deemed inconsistent with the administration's policies will be rescinded or modified, the order said.
The action aims to bolster Musk's sweeping government-slashing effort, which is facing numerous court challenges over its lawfulness.
Trump also targeted a number of advisory committees and agencies for elimination, part of his broader campaign to assert control over independent executive agencies.
Among the agencies set to be disbanded are the United States Institute for Peace, which promotes conflict resolution around the world; the Inter-American Foundation, which funds community development programs in Latin America and the Caribbean; and the U.S. African Development Foundation, which invests in community development efforts in Africa….”
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EO disbanding various programs:
Before it’s shut down: https://www.hhs.gov/ash/advisory-committees/long-covid/index.html#:~:text=The Advisory Committee will bring,the Assistant Secretary for Health.
The health equity focus was probably the kiss of death(?). The group had an $800,000 budget.
Commencing the Reduction of the Federal Bureaucracy
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered: Section 1.
www.whitehouse.gov
Before it’s shut down: https://www.hhs.gov/ash/advisory-committees/long-covid/index.html#:~:text=The Advisory Committee will bring,the Assistant Secretary for Health.
The health equity focus was probably the kiss of death(?). The group had an $800,000 budget.
