The Globe and Mail reports in its Friday edition that U.S. president-elect Donald Trump's transition team is considering major changes to bank regulators, including the potential elimination of the Federal Deposit Insurance Corp. (FDIC), says the Wall Street Journal. A Reuters dispatch to The Globe reports that advisers from the new Department of Government Efficiency have inquired if deposit insurance could be moved to the Treasury Department. Any such proposal would require congressional approval. Trump has also appointed Elon Musk and Vivek Ramaswamy to a task force aimed at overhauling the U.S. government. Mr. Musk, tasked with slashing government costs by Mr. Trump last month, called for the elimination of the Consumer Financial Protection Bureau, further amplifying the influence of the world's richest man, who donated millions of dollars to helping Mr. Trump get elected. Mr. Trump's advisers and potential nominees have also discussed plans to either combine or otherwise restructure the main federal bank regulators: the FDIC, OCC and the Federal Reserve, the WSJ report added. A separate plan suggests that the FDIC, OCC and parts of the Fed would not merge, but only one would continue regulating banks, said the WSJ.
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