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Exclusive | Trump Advisers Seek to Shrink or Eliminate Bank Regulators
Banks like the staus quo, streamlining regulation will be hard for the new DJT American administration, says Sheila Bair, former head of the US FDIC, Federal Deposit Insurance Corporation. Deposit insurance is important for peace of mind of bank customers and the proper functioning of the banking system, particularly in a crisis. The recent Silicon Valley banking crisis required deposit insurance for the stability of the banking system.
Bair who acted to protect the banking system in the 2009 financial crisis in the US, says banks prefer having multiple agencies so that they can choose which one works best for them.
Bair said recently-
“Banks may complain, but at the end of the day, they like to have their own regulator they have a relationship with,” Bair said. “They like the status quo.”
The Consumer Financial Protection Bureau is one of the agencies that DJT administration and Republicans oppose. With only 2-3 vote margin for its majority in the House it will be difficult to get Congress to agree on changes to the staus quo.
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