Advisers to Mr. Trump and officials in his new Department of Government Effectiveness have asked whether he could cut the FDIC, according to people familiar with the matter. They have also asked nominees being considered for positions at the FDIC and the Office of the Comptroller of the Currency whether they could merge the deposit insurance business into the Treasury, some of them said. While banking executives are optimistic that Mr. Trump will relax a series of rules on capital buffers, consumer protection and industry consolidation reviews, the FDIC's deposit insurance business is seen as near sacrosanct. Any move that even threatens to undermine perceptions of deposit insurance could quickly set off a chain reaction in the banking industry and, during a crisis, could exacerbate customer panic. (Jin Ten)