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Matthew Chapman
December 12, 2024
RAW STORY
President-elect Donald Trump's advisers, alongside tech billionaire Elon Musk's Department of Government Efficiency task force, are soliciting opinions from nominees on whether it would be possible for Trump to abolish the Federal Deposit Insurance Corporation, the Wall Street Journal reported Thursday.
For now, at least, the idea appears to be reorganizing its function rather than eliminating it outright. Trump's advisers "have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department, some of the people said," reported Gina Heeb.
Regardless, such a proposal "would require congressional action," the report noted, and "while past presidents have reorganized and rebranded departments, Washington has never shut down a major cabinet-level agency and rarely closed other agencies like the FDIC that are not."
The FDIC, considered one of the most critical banking regulators in the United States, runs deposit insurance, a program that compensates a bank's account holders up to $250,000 if the bank fails and is unable to dispense the money in their account. Created in 1933 at the height of the Great Depression, the program exists to prevent "bank runs," or cascading panics where most or all of a bank's accountholders try to withdraw their money simultaneously. Prior to the creation of the FDIC, bank runs were common during economic crashes.
It is unclear that there is even support within the banking industry for a drastic change to federal deposit insurance, the report noted.
"FDIC deposit insurance is considered near sacred. Any move that threatened to undermine even the perception of deposit insurance could quickly ripple through banks and in a crisis might compound customer fears," said the report. For example, "after several banks failed last year, customers panicked about whether their deposits were safe at smaller banks. Many fled to the biggest of big banks who are perceived to be so important that the government would never let them fail. Since then, banks have been calling for wider deposit insurance protections to keep smaller banks competitive."
This also comes as Musk has pushed for the elimination of the Consumer Financial Protection Bureau, a corporate misconduct watchdog that since its creation in 2011 has returned billions of dollars to consumers.
President-elect Donald Trump's advisers, alongside tech billionaire Elon Musk's Department of Government Efficiency task force, are soliciting opinions from nominees on whether it would be possible for Trump to abolish the Federal Deposit Insurance Corporation, the Wall Street Journal reported Thursday.
For now, at least, the idea appears to be reorganizing its function rather than eliminating it outright. Trump's advisers "have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department, some of the people said," reported Gina Heeb.
Regardless, such a proposal "would require congressional action," the report noted, and "while past presidents have reorganized and rebranded departments, Washington has never shut down a major cabinet-level agency and rarely closed other agencies like the FDIC that are not."
The FDIC, considered one of the most critical banking regulators in the United States, runs deposit insurance, a program that compensates a bank's account holders up to $250,000 if the bank fails and is unable to dispense the money in their account. Created in 1933 at the height of the Great Depression, the program exists to prevent "bank runs," or cascading panics where most or all of a bank's accountholders try to withdraw their money simultaneously. Prior to the creation of the FDIC, bank runs were common during economic crashes.
It is unclear that there is even support within the banking industry for a drastic change to federal deposit insurance, the report noted.
"FDIC deposit insurance is considered near sacred. Any move that threatened to undermine even the perception of deposit insurance could quickly ripple through banks and in a crisis might compound customer fears," said the report. For example, "after several banks failed last year, customers panicked about whether their deposits were safe at smaller banks. Many fled to the biggest of big banks who are perceived to be so important that the government would never let them fail. Since then, banks have been calling for wider deposit insurance protections to keep smaller banks competitive."
This also comes as Musk has pushed for the elimination of the Consumer Financial Protection Bureau, a corporate misconduct watchdog that since its creation in 2011 has returned billions of dollars to consumers.
Trump floats plan to let billionaire polluters 'bribe their way' past regulations
Common Dreams
December 12, 2024
President-elect Donald Trump on Tuesday floated a legally dubious proposal to let corporations and individuals who invest $1 billion or more in the U.S. bypass regulations, a scheme that environmental groups and government watchdogs said underscores the corrupt intentions of the incoming administration.
"Corporate polluters cannot bribe their way to endangering our communities and our clean air and water," Mahyar Sorour of Sierra Club said in a statement. "Donald Trump's plan to sell out to the highest bidder confirms what we've long known about him: He's happy to sacrifice the wellbeing of American communities for the benefit of his Big Oil campaign donors."
"We will keep fighting to defend our bedrock environmental protections and ensure they apply to everyone, not just those who can't afford Trump's bribe," Sorour added.
In a Truth Social post on Tuesday, Trump wrote that "any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals."
"GET READY TO ROCK!!!" said Trump, who pledged on the campaign trail to accelerate oil drilling and asked the fossil fuel industry to bankroll his bid for a second White House term in exchange for large-scale deregulation.
As early as May of this year, fossil fuel industry lobbyists and lawyers had already begun crafting executive orders for Trump to sign upon retaking the White House. After winning last month's election, Trump moved quickly to stack his Cabinet with billionaires and other rich individuals with close corporate ties, including those in the fossil fuel industry.
The Associated Pressnoted Tuesday that Trump's push to let large investors evade regulations would itself likely run up against regulatory hurdles, "including a landmark law that requires federal agencies to consider the environmental impact before deciding on major projects."
"While Trump did not specify who would be eligible for accelerated approvals, dozens of energy projects proposed nationwide, from natural gas pipelines and export terminals to solar farms and offshore wind turbines, meet the billion-dollar criteria," AP noted. "Environmental groups slammed the proposal, calling it illegal on its face and a clear violation of the National Environmental Policy Act, a 54-year-old law that requires federal agencies to study the potential environmental impact of proposed actions and consider alternatives."
"Presidents have no authority whatsoever to waive statutory public health and safety protections based upon a dollar value of capital investment."
Lena Moffitt, executive director of Evergreen Action, said Tuesday that "Trump is treating America's energy policy like a cheap knickknack at an estate sale: brazenly offering to auction off our public lands and waters to the highest bidder."
"Trump's promise to fast-track environmental approvals for billion-dollar kickbacks is nothing but an illegal giveaway to fossil fuel special interests," said Moffitt, pointing to federal law requiring "rigorous review processes to protect the public interest, not rubber stamps for corporate polluters."
"Trump's plan would turn a system already rigged in favor of fossil fuel interests into one openly driven by corruption, where special interests dictate policy and everyday Americans pay the price," Moffitt added. "Now he's making it official: If you write a big enough check, his administration will let you break the rules and drive up costs for working families."
Axiosreported that Trump's specific focus on environmental regulations "will put the spotlight on Lee Zeldin," the president-elect's pick to lead the Environmental Protection Agency.
"Zeldin is considered to have little environmental policymaking experience—but is a strong supporter of Trump's broad deregulatory push," the outlet noted.
Tyson Slocum, director of the Energy Program at Public Citizen, expressed confidence that Trump's plan "will not come to pass," given that "presidents have no authority whatsoever to waive statutory public health and safety protections based upon a dollar value of capital investment."
"Trump's claim deserves ridicule for being so outlandishly illegal and wrong," said Slocum. "However, the statement does highlight Trump's utter disregard for protecting the environment or human health and the imminent peril that he and his cronies will push policies that jeopardize health, safety, and planetary well-being."
Slocum said there are other "more realistic and insidious" Trump schemes worth guarding against, including his "efforts to use national security designations to force bailouts of coal power plants during his firm term."
Sen. Ed Markey (D-Mass.) warned in response to the president-elect's Truth Social post that "the Donald Trump-Elon Musk government will be of the billionaire, by the billionaire, and for the billionaire—with one set of rules for the big-money oligarchs and another set for everyone else."
"Clean air and clean water are not and will not be for sale," the senator added.
December 12, 2024
President-elect Donald Trump on Tuesday floated a legally dubious proposal to let corporations and individuals who invest $1 billion or more in the U.S. bypass regulations, a scheme that environmental groups and government watchdogs said underscores the corrupt intentions of the incoming administration.
"Corporate polluters cannot bribe their way to endangering our communities and our clean air and water," Mahyar Sorour of Sierra Club said in a statement. "Donald Trump's plan to sell out to the highest bidder confirms what we've long known about him: He's happy to sacrifice the wellbeing of American communities for the benefit of his Big Oil campaign donors."
"We will keep fighting to defend our bedrock environmental protections and ensure they apply to everyone, not just those who can't afford Trump's bribe," Sorour added.
In a Truth Social post on Tuesday, Trump wrote that "any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals."
"GET READY TO ROCK!!!" said Trump, who pledged on the campaign trail to accelerate oil drilling and asked the fossil fuel industry to bankroll his bid for a second White House term in exchange for large-scale deregulation.
As early as May of this year, fossil fuel industry lobbyists and lawyers had already begun crafting executive orders for Trump to sign upon retaking the White House. After winning last month's election, Trump moved quickly to stack his Cabinet with billionaires and other rich individuals with close corporate ties, including those in the fossil fuel industry.
The Associated Pressnoted Tuesday that Trump's push to let large investors evade regulations would itself likely run up against regulatory hurdles, "including a landmark law that requires federal agencies to consider the environmental impact before deciding on major projects."
"While Trump did not specify who would be eligible for accelerated approvals, dozens of energy projects proposed nationwide, from natural gas pipelines and export terminals to solar farms and offshore wind turbines, meet the billion-dollar criteria," AP noted. "Environmental groups slammed the proposal, calling it illegal on its face and a clear violation of the National Environmental Policy Act, a 54-year-old law that requires federal agencies to study the potential environmental impact of proposed actions and consider alternatives."
"Presidents have no authority whatsoever to waive statutory public health and safety protections based upon a dollar value of capital investment."
Lena Moffitt, executive director of Evergreen Action, said Tuesday that "Trump is treating America's energy policy like a cheap knickknack at an estate sale: brazenly offering to auction off our public lands and waters to the highest bidder."
"Trump's promise to fast-track environmental approvals for billion-dollar kickbacks is nothing but an illegal giveaway to fossil fuel special interests," said Moffitt, pointing to federal law requiring "rigorous review processes to protect the public interest, not rubber stamps for corporate polluters."
"Trump's plan would turn a system already rigged in favor of fossil fuel interests into one openly driven by corruption, where special interests dictate policy and everyday Americans pay the price," Moffitt added. "Now he's making it official: If you write a big enough check, his administration will let you break the rules and drive up costs for working families."
Axiosreported that Trump's specific focus on environmental regulations "will put the spotlight on Lee Zeldin," the president-elect's pick to lead the Environmental Protection Agency.
"Zeldin is considered to have little environmental policymaking experience—but is a strong supporter of Trump's broad deregulatory push," the outlet noted.
Tyson Slocum, director of the Energy Program at Public Citizen, expressed confidence that Trump's plan "will not come to pass," given that "presidents have no authority whatsoever to waive statutory public health and safety protections based upon a dollar value of capital investment."
"Trump's claim deserves ridicule for being so outlandishly illegal and wrong," said Slocum. "However, the statement does highlight Trump's utter disregard for protecting the environment or human health and the imminent peril that he and his cronies will push policies that jeopardize health, safety, and planetary well-being."
Slocum said there are other "more realistic and insidious" Trump schemes worth guarding against, including his "efforts to use national security designations to force bailouts of coal power plants during his firm term."
Sen. Ed Markey (D-Mass.) warned in response to the president-elect's Truth Social post that "the Donald Trump-Elon Musk government will be of the billionaire, by the billionaire, and for the billionaire—with one set of rules for the big-money oligarchs and another set for everyone else."
"Clean air and clean water are not and will not be for sale," the senator added.
Trump's FTC head vowed to 'terminate uncooperative bureaucrats' and fight 'DEI wokeism'
Matthew Chapman
December 10, 2024
RAW STORY
President-elect Donald Trump has named his choice to head the Federal Trade Commission, the agency that oversees antitrust law: Andrew Ferguson, a longtime Republican FTC commissioner who has already pledged to purge the institution of anyone disloyal to Trump.
"Andrew most recently served as Solicitor General of the Commonwealth of Virginia. Prior to Government service, he was an antitrust litigator at several Washington, D.C. law firms. He earned his undergraduate degree and law degree from the University of Virginia. Andrew also clerked for Judge Karen L. Henderson on the U.S. Court of Appeals for the D.C. Circuit, and U.S. Supreme Court Justice Clarence Thomas," Trump posted to Truth Social.
"Andrew will be the most America First, and pro-innovation FTC Chair in our Country’s History," he added. "CONGRATULATIONS ANDREW!"
The FTC is currently chaired by Lina Khan, a progressive icon who raised the ire of several wealthy business leaders by cracking down on anticompetitive mergers. This week, she secured a major victory when a federal judge blocked the merger of supermarket chains Kroger and Albertsons, which opponents noted would create a giant grocery retailer with more locations than Walmart that would've resulted in higher prices. Tech billionaire Elon Musk in particular has pushed hard for Khan's removal.
Ferguson appears set to pump the brakes on this effort, stating on a campaign page to lobby Trump for the job, that he would "stop Lina Khan's anti-business agenda" and reverse the "war on mergers." He additionally promised to fight "DEI wokeism" and go after "censorship" on social media platforms.
Perhaps most ominously, however, Ferguson also vowed to "terminate uncooperative bureaucrats" who aren't on board with Trump's agenda — part of a broader push, outlined in the Heritage Foundation's Project 2025 plan, to strip merit protections from civil servants and replace them with party loyalists.
Matthew Chapman
December 10, 2024
RAW STORY
President-elect Donald Trump has named his choice to head the Federal Trade Commission, the agency that oversees antitrust law: Andrew Ferguson, a longtime Republican FTC commissioner who has already pledged to purge the institution of anyone disloyal to Trump.
"Andrew most recently served as Solicitor General of the Commonwealth of Virginia. Prior to Government service, he was an antitrust litigator at several Washington, D.C. law firms. He earned his undergraduate degree and law degree from the University of Virginia. Andrew also clerked for Judge Karen L. Henderson on the U.S. Court of Appeals for the D.C. Circuit, and U.S. Supreme Court Justice Clarence Thomas," Trump posted to Truth Social.
"Andrew will be the most America First, and pro-innovation FTC Chair in our Country’s History," he added. "CONGRATULATIONS ANDREW!"
The FTC is currently chaired by Lina Khan, a progressive icon who raised the ire of several wealthy business leaders by cracking down on anticompetitive mergers. This week, she secured a major victory when a federal judge blocked the merger of supermarket chains Kroger and Albertsons, which opponents noted would create a giant grocery retailer with more locations than Walmart that would've resulted in higher prices. Tech billionaire Elon Musk in particular has pushed hard for Khan's removal.
Ferguson appears set to pump the brakes on this effort, stating on a campaign page to lobby Trump for the job, that he would "stop Lina Khan's anti-business agenda" and reverse the "war on mergers." He additionally promised to fight "DEI wokeism" and go after "censorship" on social media platforms.
Perhaps most ominously, however, Ferguson also vowed to "terminate uncooperative bureaucrats" who aren't on board with Trump's agenda — part of a broader push, outlined in the Heritage Foundation's Project 2025 plan, to strip merit protections from civil servants and replace them with party loyalists.
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