Are banks safe under Trump 2.0? : Michelle Singletary / The Washington Post

Article shared by Lou Mendez

FYI Our UNFCU falls under the NCUA to operate in the US….thus could be some clouds forming??

Lou

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Summary
Donald Trump has privately told allies he intends to end federal deposit insurance for accounts above a certain threshold if re-elected, alarming U.S. financial regulators. Experts warn that such a move could spark financial panic and destabilize the banking system by encouraging wealthy depositors to withdraw funds en masse. Trump has also taken steps to weaken regulatory agencies by dismissing Democratic appointees and freezing hiring. Trump’s allies believe ending high-value deposit insurance would be popular with his base and seen as reining in Wall Street.

Quotes
“The biggest threat to depositors is not the market. It’s politicians playing with the rules,” said a senior financial regulator.
“If deposit insurance were removed, we would see a run on the banks within hours,” warned a former FDIC official.