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.
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.
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
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.
You’re probably telling them something they’re already viscerally aware of.
Have an “empty” account where you put only the money you need to transfer and do the transfer right after that.
So, in other words, don’t use cash?
For the things that require you to pay by transfer.