Speaking at the American Bankers Association's Washington summit last week, US Treasury Secretary Scott Bessent announced the Treasury's plans to play a greater role in financial regulation, as reported by Banking Dive.
Bessent said the Treasury will prioritize "regulatory tailoring" to ensure that community banks "matter more in bank regulation." He criticized regulatory overreach, stating, "Bureaucratic hubris has escaped the beltway... Our goal is to put it back in its cage." A key priority for the Treasury is to refocus supervision on material financial risks, Bessent said. "Regulators should keep the main thing the main thing," he asserted.
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