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.

  • jagged_circle@feddit.nl
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    3 hours ago

    Where do the millionaires on Trump’s cabinet store their money? Because I know those greedy assholes dont want to loose their own bucks.

  • jagged_circle@feddit.nl
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    3 hours ago

    Can someone please tell me which country has US-style nonprofit banks (credit unions) where I can store hundreds of thousands of dollars without monthly fees?

  • kandoh@reddthat.com
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    3 hours ago

    This is what people want. Nice high unemployment so labor costs for fast food and services are rock bottom.

  • werefreeatlast@lemmy.world
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    3 hours ago

    Hey, I was driving home and I saw a mcmantion. Its going to be awesome when I buy it next week! So many loans! So little time!

  • peoplebeproblems@midwest.social
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    14 hours ago

    Destabilize?

    No, this is far worse. Big banks will just take your money. Credit Unions? I have no fucking idea.

    I also can’t just walk into my bank and pull out $10k without raising all sorts of questions and concerns.

    Jesus fuck.

    • jagged_circle@feddit.nl
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      4 hours ago

      You should be able to pull out $10k fairly easily. When you go to spend $10k in cash, that’s where you’ll get a ton of resistance.

      So keep bank receipts for large cash withdrawals.

    • Alex@lemmy.world
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      14 hours ago

      When gambling on the failure of stocks is allowed you get stupid people trying to tear the whole thing down over a quick buck smh.

  • subiacOSB@lemmy.ml
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    15 hours ago

    Might as well take a gamble and put all my money in bitcoin if it’s not FDIC insured

  • CharlesDarwin@lemmy.world
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    1 day ago

    Just where the fuck will people do their banking without FDIC?

    I saw that asshat Andreesen lying his fucking ass off on Rogan about how the poor little tweedums on the right were being “debanked” because of “free speech”, but not anyone else.

    Meanwhile, what the hell would you call something like this?

    The right has people within it that are just so insane that I really do think some would withdrawal their money from the bank, and set all their own cash on fire if they thought it would pwn teh libz.

    • MisterD@lemmy.ca
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      16 hours ago

      I would just avoid ALL US banks. Canada has CDIC and our future Trumpian PM hasn’t been paid yet to kill it.

      US stores don’t care where the money comes from so that could be an option.

    • Alexstarfire@lemmy.world
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      16 hours ago

      We should start this rumor. It’ll totally own me. I’ll be so subservient if they burn all their money. 😉

      • CharlesDarwin@lemmy.world
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        18 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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          16 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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            15 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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              15 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.

    • greyfox@lemmy.world
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      1 day ago

      Credit unions use the NCUA instead of FDIC. So if they don’t go after that as well there are still some options.

  • GiddyGap@lemm.ee
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    1 day ago

    Unless Republicans choose to abolish the filibuster, they can’t do it. Takes 60 votes in the Senate.

  • Feathercrown@lemmy.world
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    2 days ago

    Didn’t a whole silicon valley bank just wipe out its customers savings by not being fdic insured