According to the Wall Street Journal, insiders revealed that Trump's advisers and officials from his newly established Department of Government Efficiency inquired about the possibility of abolishing the Federal Deposit Insurance Corporation in the USA. Some of them indicated that advisers also asked if the nominees considered for positions at the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (OCC) could merge the deposit insurance business into the Treasury Department. Any proposal to abolish the Federal Deposit Insurance Corporation or any other institution would require Congressional action. Although past presidents have restructured and renamed various departments, Washington has never shut down a major cabinet-level institution and rarely closes important institutions like the Federal Deposit Insurance Corporation, which are not cabinet-level. While banking executives are optimistic that Trump will relax a range of regulations regarding capital buffers, consumer protection, and industry consolidation reviews, the deposit insurance business of the Federal Deposit Insurance Corporation is seen as nearly sacred and inviolable. Any action that could potentially undermine people's perceptions of deposit insurance could quickly trigger a chain reaction in the banking industry, and during a crisis, it could also exacerbate customer panic.