Wall Street is pleased as punch with the Trump administration’s pyrotechnics around the DOGE/Russell Vought takeover and shutting down of the Consumer Financial Protection Board (CFPB), as part of their moving in to seize access to the Treasury Department and other computer payment systems. The CFPB is Sen. Elizabeth Warren’s baby, and was created as part of the Dodd-Frank bill after the 2008 financial blowout, purportedly to police banking irregularities and prevent a new financial crisis. It is certainly not the kind of aggressive regulation that is required to deal with the gargantuan speculative bubble dominating the Western financial system—that would require a return to Glass-Steagall and establishing a Hamiltonian credit system—but wimpy as it is, it is still far too much regulation for what the City of London and Wall Street have in mind next: removing the role of the state altogether in issuing currency, aka the Cryptocurrency Craze, under which crypto is being issued by totally unregulated private entities with zero regulation or accountability, and even less physical-economic backing.
According to the Wall Street Journal of Feb. 11, Trump advisers have been discussing “whether it is possible to collapse the Federal Deposit Insurance Corp. into the Treasury Department…. They have also discussed combining the FDIC’s regulatory role with the Office of the Comptroller of the Currency under Treasury,” and to either collapse the CFPB into that same structure or to eliminate it altogether. “Discussions on how to shrink, consolidate or even eliminate the bank regulators have been under way since at least late last year….
“Some Trump allies have pushed for a political loyalist to be named the Fed’s vice chair for supervision, some of the people said. Bankers have advocated for the role to be filled by Fed Governor Michelle Bowman and have pressed the administration to move quickly.”
The WSJ explains Wall Street’s view. “DOGE has been the main driver of cuts.
