The Trump transition team has begun to explore pathways to dramatically shrink, consolidate, or even eliminate the top bank watchdogs in Washington, Gina Heeb of The Wall Street Journal reports. In recent interview with potential nominees set to lead the bank regulatory agencies, Trump advisors and officials of the Department of Government Efficiency have asked whether Trump could abolish the Federal Deposit Insurance Corp, FDIC, people familiar with the matter told the Journal. Advisers have asked nominees under consideration for the FDIC and the Office of the Comptroller of the Currency if deposit insurance could be absorbed into the Treasury Department, some sources added. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), JP Morgan (JPM), U.S. Bancorp (USB), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS).
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