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.
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.
Do y’all have any banks that hold USD? Or are you recommending that I convert my life savings to CAD and transfer to a Canadian bank with CDIC?
Offshore banking: no longer just for the rich!
Canada and the US share a couple shores, so it’s ok