05:55 AM EST, 02/12/2025 (MT Newswires) -- The White House is considering downsizing and consolidating US bank regulators, The Wall Street Journal reported Tuesday, citing people familiar with the matter.

Possible moves include merging the Federal Deposit Insurance Corp. into the Department of Treasury or combining the FDIC's regulatory role with the Office of the Comptroller of the Currency under Treasury, the report said.

Staff at the FDIC, which insures US savings deposits in case of bank failures and oversees the financial health of lenders, expect to hear from Elon Musk's Department of Government Efficiency soon, the report said.

The White House and FDIC did not immediately reply to MT Newswires' requests for comment.

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