Well, howdy there, Internet people, it's Bell again. So today, we're going to talk about Trump

shutting down the FDIC and reality. There's a bunch of rumors and reports going around that Trump is

looking at shutting down the FDIC or transferring its responsibilities. Short version? No, no he's not.

Well, he might be looking at it, but this has a near zero chance of happening. First, what is the

FDIC and what does it do? The Federal Deposit Insurance Corporation was created in the 1930s because of all the

bank failures. It insures the money you have in a bank. You may not know it, but your money in your

bank is probably insured up to at least a quarter of a million dollars. Bank goes under, FDIC

makes sure you don't lose your money. Ever seen a movie where the robber shouts, don't be a

hero, your money is insured? They do the insuring. There have been a few reports that say

Trump World is looking at dismantling it or defunding it.

First, they can't defund it. It doesn't get federal appropriations. The FDIC charges banks for the

insurance, and that's what funds it. Second, this probably stems from a desire to deregulate the banking industry, and this is just one entity that got mentioned.

But it's the strongest, so it gets the headline.

Getting rid of the FDIC would likely cause people to pull their money from the banks, perhaps causing a run on banks

in financial calamity. Unless he's secretly a supervillain trying to bring the American economy

to its knees, he's probably not even going to try. But this being focused on might help him with his desire to deregulate other parts of the

banking industry. You know, because historically that works out well. No, no it doesn't. So, why am I pretty

confident he won't shut down the FDIC?

First, he needs Congress for this, and Congress is full of millionaires, the kind of people

who would be wiped out by a banking collapse.

Again, Congress doesn't vote against its own interest.

They're not the average voter. Second, I don't think

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