U.S. Treasury’s Bessent
- says deeper reforms of banking regulatory structure are needed-remarks at Federal Reserve conference
- U.S. bank regulators should consider abandoning ‘flawed’ dual capital requirements for banks
- Outdated capital requirements are misaligned with actual risk, impose unnecessary burdens
- Community banks could be allowed to opt in to modernized capital regime, reducing capital requirements
- Bank regulators must carry out statutory mandates to maintain financial safety and stability, protect consumers
Bessent spoke earlier also, with further attacks on the Federal Reserve at Trump's behest. Bessent is seen as one of the few in Trump's administration with any competence in the economic field. Him joining ill-advised attacks on the independence of the Fed damage his credibility.
Scott Bessent
Scott Bessent
