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‘The next recession starts here’: Trump team weighs abolishing bank regulators (www.commondreams.org)

submitted 2 weeks ago* (last edited 2 weeks ago) by MicroWave@lemmy.world to c/politics@lemmy.world

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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.

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[-] TheLowestStone@lemmy.world 15 points 2 weeks ago* (last edited 2 weeks ago)

To pay my rent I would have to take my paycheck physically to a bank, cash my check, use that cash to buy multiple money orders, and then mail those money orders. Keep in mind this has to be done early enough to be delivered before the 1st and that the bank is mostly open when I'm at work.

[-] 4lan@lemmy.world 1 points 2 weeks ago

NYC Philly Denver San Francisco NJ DC

All these require businesses to accept cash. The only states where it was proposed and shut down was in red states; ND MS

"85% of sellers who accept cash and use the online payment processing service Square said they never plan to stop taking cash, according to Shelle Santana, an assistant professor at Harvard Business School who has been analyzing Square transaction data."

Republicans don't care about discriminating against unbanked people. Sounds like you probably live in a Republican hell hole

[-] TheLowestStone@lemmy.world 5 points 2 weeks ago

What point are you trying to make? Nothing you said addresses any of the barriers to using cash exclusively that I brought up. My landlord doesn't live nearby so I can't exactly just go hand him a massive wad of cash nor will my employer pay me in cash so I don't have to get to a bank during business hours.

I live in California by the way.

[-] Saurok@lemm.ee 2 points 2 weeks ago

You're probably telling them something they're already viscerally aware of.

[-] bufalo1973@lemmy.ml 1 points 1 week ago

Have an "empty" account where you put only the money you need to transfer and do the transfer right after that.

[-] TheLowestStone@lemmy.world 1 points 1 week ago

So, in other words, don't use cash?

[-] bufalo1973@lemmy.ml 0 points 1 week ago

For the things that require you to pay by transfer.

this post was submitted on 13 Dec 2024

439 points (98.2% liked)

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