Market News: Trump administration is preparing to relax supervision of FDIC to some extent

Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation (FDIC), resigned in May amid an investigation into the agency's toxic workplace culture. But Gruenberg said he would remain in office until a successor is named and confirmed. The Trump administration is poised to somewhat ease regulation of the FDIC, which stepped up its scrutiny of banks after the regional banking crisis in 2023. For example, the agency has said it will take a more rigorous look at bank transactions of a certain size. A top priority for the Trump administration is ousting SEC Chairman Gary Gensler, who he has said he would fire on his first day in office. One of the candidates Trump allies are considering to replace Gensler is Dan Gallagher, Robinhood's chief legal officer and a former SEC commissioner. Other candidates include Christopher Giancarlo, a senior consultant at Willkie Farr & Gallagher and former chairman of the Commodity Futures Trading Commission (CFTC), and Dalia Blass, a partner at Sullivan & Cromwell.