‘One of the dumbest ideas’: Abolishing the FDIC could backfire on Trump and his allies
CNN
The Federal Deposit Insurance Corporation (FDIC) was created during the Great Depression to restore trust in a financial system shaken by the failure of thousands of banks.
The Federal Deposit Insurance Corporation (FDIC) was created during the Great Depression to restore trust in a financial system shaken by the failure of thousands of banks. Today, during a time of distrust in government, the FDIC stands apart in the alphabet soup of bank regulators as a rare agency that many Americans trust. It has a long track record of protecting insured bank deposits, during good times and bad. Yet it’s unclear whether the FDIC can survive Trump 2.0. Sources told CNN’s Kayla Tausche that allies of President-elect Donald Trump have discussed the possibility of dismantling the FDIC, giving Treasury oversight of deposit insurance, and allowing the federal government to substantially shrink or even close the rest of the agency. Former regulators and academics told CNN it makes little sense to shut the FDIC and Congress is not likely to greenlight such a plan. “This idea would pose an enormous risk of terrifying Americans about the safety of their deposits and triggering bank runs,” said Patricia McCoy, a law professor at Boston College and former federal regulator.
Jamie Dimon, head of America’s largest bank, JPMorgan Chase — and commonly referred to as the ‘president of Wall Street’ — spent much of this past year warning that there’s an elevated risk that the US experiences 1970s-esque stagflation, which is when economic growth stagnates while inflation heats up.
DEI is alive and well in corporate America.
Another day, another enigmatic billionaire turning up at Mar-a-Lago to pump up the Donald Trump brand as the president-elect prepares to return to the White House.
President-elect Donald Trump is meeting with the head of TikTok at his Mar-a-Lago Club Monday afternoon, a person familiar with the meeting told CNN, as the social media giant is asking the Supreme Court to wade into a court fight over use of the app in the United States.
George Stephanopoulos ended Sunday’s “This Week” program without any mention of him or ABC News settling Donald Trump’s defamation lawsuit against them. The suit was triggered by a segment on “This Week,” but ABC News has not reported on TV at all its agreement to pay $15 million to Trump’s presidential foundation at all.
It’s not March 2020, but it sure feels a lot like it for Herschel Wilson.
Two years ago, Elizabeth Grantham decided she didn’t want to rent much longer, so she moved from her hometown in the pricey San Francisco Bay Area to Washington state to save up to buy a home.
It’s a conundrum as tricky as the riddle of the Sphinx: how to make a vegan cheese that people actually want to eat.
China’s industrial output growth quickened slightly in November, while retail sales disappointed, keeping alive calls for Beijing to ramp up consumer-focused stimulus as policymakers brace for more US trade tariffs under a second Trump administration.
The CEO of a company that makes high-end backpacks said he and his employees have received threats after reports he contacted a police tip line when he spotted one of the company’s bags in the surveillance video of the shooting of UnitedHealthcare CEO Brian Thompson.
At the Sheephaven Bay pub in London, tucked just behind Camden High Street, Guinness accounts for more than 50% of weekly draft beer sales. Owner Pat Logue told CNN that this year he’s already sold double the amount of Guinness that he did two years ago.