'The Next Recession Starts Here': Trump Team Weighs Abolishing Bank Regulators | Common Dreams
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President-elect Donald Trump and his advisers are reportedly considering plans to weaken—or abolish altogether—top bank regulators, including the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency.

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.

  • partial_accumen@lemmy.world
    8·
    14 hours ago

    And in the long run, would be beneficial for local manufacturing instead of being so dependent on China…Knowing what we know, things will only get harder with no observable benefit for the working class

    …and…

    Someone please feel free to tell me why I’m completely wrong as I’m not really speaking with too much conviction tbh

    Those tariffs would destroy our $1.95 trillion in exports from the USA because many of those are finished goods with input materials imported (and now tariffed to high heaven). source

    Modern manufacturing doesn’t depend on hundreds of thousands of human bodies anymore. New manufacturing factories would be highly automated and only employ a tiny fraction of the now unemployed workforce to produce the same amount of goods as in years past.

    “From 1960 to today, American steel mills have decreased from an average of 700,000 workers to just 83,000. And within the last 40 years, the productivity of labor has increased more than five times from approximately 10 man-hours per finished ton to under 2.” source

    • Sanctus@lemmy.worldEnglish
      3·
      13 hours ago

      So we’re basically forfeiting a bunch of jobs related to and effected by procuring overseas input materials to gain a small fraction of manufacturing jobs? That just sounds like it will damage the economy and not bring it back up.

      • 4am@lemm.ee
        4·
        12 hours ago

        Exactly why everyone with a brain has been shouting that this is the worst possible idea.

        • Sanctus@lemmy.worldEnglish
          1·
          11 hours ago

          Oh hell yeah, thats like 85% of things. I didnt know a brain was required to know that tbh with the sheer amount of visible foreign made items.