Treasury Secretary Scott Bessent is moving to consolidate influence over U.S. banking regulators, including the Federal Reserve, according to Semafor. The Treasury Department is creating recommendations to simplify how agencies like the FDIC and OCC operate. Bessent said the Treasury would lead efforts to refocus regulators on material risks and pursue “safe, sound and smart deregulation,” criticizing current rules for ignoring growth and common sense. A new Trump executive order requiring independent agencies to submit regulations for OMB review. Critics warn this could politicize banking oversight and erode Fed independence.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Treasury Secretary Scott Besson is moving to consolidate influence over U.S. banking regulators,
00:06including the Federal Reserve, according to Semaphore.
00:09Treasury Department is creating recommendations to simplify how agencies like the FDIC and OCC
00:15operate. Besson said the Treasury will lead efforts to refocus regulators on material risks
00:20and pursue safe, sound and smart deregulation, criticizing current rules for ignoring growth
00:25and common sense. A new Trump executive order requiring independent agencies to submit
00:30regulations for OMB review. Critics warn this could politicize banking oversight
00:34and erode Fed independence. For all things money, visit Benzinga.com slash GSTV.