According to Odaily, U.S. Treasury Secretary Besent emphasized the need for ordinary citizens to take center stage, rather than Wall Street dominating the financial landscape. Besent highlighted the importance of targeted regulation, advocating for fairness and uniform application across various entities.
Besent stated, "The U.S. Treasury intends to drive a change in regulatory culture by improving review processes, enhancing oversight of compliance with these procedures, and establishing more realistic avenues for appealing regulatory outcomes." He underscored the significance of using financial risk-based objective measures to define 'unsafe and unsound' practices.
Particularly, Besent plans to focus on more targeted regulation for community banks, which have struggled with the technological investment demands of compliance burdens. "Over the past forty years, Wall Street has become wealthier than ever. It can continue to grow and perform well," Besent remarked. However, he noted that in the next four years, it will be 'Main Street's' turn to drive investment.
