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U.S. TREASURY'S BESSENT, IN PREPARED REMARKS TO AMERICAN BANKERS ASSOCIATION, SAYS TREASURY WILL PLAY A GREATER ROLE IN BANK REGULATION GREATER TREASURY REGULATORY ROLE WILL TAKE PLACE VIA FINANCIAL STABILITY OVERSIGHT COUNCIL, PRESIDENT'S WORKING GROUP ON CAPITAL MARKETS,
.@SecScottBessent has a remarkably weedy speech on bank oversight. -supervision "has too often taken place behind a veil of secrecy that precludes scrutiny by the public." -community banks unduly burdened by compliance -examiners should focus more on material financial risks https://t.co/4XJHLMa2FZ
US Treasury Secretary Bessent: Greater treasury regulatory role will take place via financial stability oversight council, president's working group on capital markets, engagement with bank regulators.
U.S. Treasury Secretary Scott Bessent announced a new regulatory approach for the Treasury Department during remarks at the American Bankers Association. Bessent stated that the Treasury will play a greater role in bank regulation through the Financial Stability Oversight Council and the President's Working Group on Capital Markets. He emphasized that this regulatory shift aims to enhance engagement with bank regulators and improve oversight transparency. Bessent also noted that supervision has often occurred without adequate public scrutiny and highlighted the burdens faced by community banks due to compliance requirements. He suggested that examiners should concentrate more on material financial risks rather than procedural compliance.