Bescent: Focus on more targeted regulation

Treasury Secretary Vincent Bescent said Wednesday that regulation should be fair and applied evenly across entities. "Treasury intends to drive a change in regulatory culture through improved review processes, increased oversight of reviewers' compliance with those procedures, and more realistic procedures for appealing regulatory outcomes," Bescent said. "Perhaps the most important step is to define the rules for'unsafe and unsound 'using more objective measures based on financial risk." He said he would pay particular attention to more targeted regulation of community banks, which have struggled with the "burden of improper compliance" that requires significant investments in technology. "Wall Street has been richer than ever in the last four decades. It can continue to grow and perform well. "But over the next four years, it will be Main Street's turn to drive investment.