{
  "id": 4673125,
  "title": "Exclusive: Bessent calls for less regulation to help small banks",
  "url": "https://urgent.news/2026/08/31/exclusive-bessent-calls-for-less-regulation-to-help-small-banks",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-31T15:53:52.000Z",
  "source": {
    "name": "Axios",
    "slug": "axios",
    "url": "https://www.axios.com/2026/08/31/bessent-bank-regulation-g20"
  },
  "original_language": "en",
  "account": "Treasury Secretary Scott Bessent advocated for reduced financial regulation during the G20 finance ministers assembly on Monday, asserting that stringent post-crisis rules have burdened small banks, according to remarks initially shared with Axios. This perspective holds significance as private sector representatives, such as JPMorgan Chase CEO Jamie Dimon and Goldman Sachs chief David Solomon, were present alongside finance ministers and central bankers. Bessent emphasized that small banks, serving Main Street, should have equal chances to prosper alongside those catering to Wall Street.\n\nThe Secretary cited a recent relaxation of capital requirements for community banks, allowing eligible institutions to maintain less capital, which he believes could inject tens of billions into reinvestment for small businesses and family loans nationwide. Bessent asserted that post-financial crisis regulations have led to the dissolution of half of the nation's small and community banks. However, he pointed out that these same regulations failed to prevent the country from experiencing three of the largest bank failures in history, including Silicon Valley Bank's collapse.\n\nHe criticized Dodd-Frank for supposedly ending \"too big to fail\" but creating \"too small to succeed.\" The administration is leveraging this high-profile event to engage the private sector more actively in the policymaking process, a new initiative under the U.S. G20 presidency. Attendees included executives such as Ryan Rugg, Citibank's global head of digital assets; Bill Brown, CEO of 3M; David Ricks, Eli Lilly's CEO; Michael Lyons, Truist's incoming CEO; Heath Tarbert, Circle's president; and John May, Deere's CEO.\n\nTrump's administration has been pursuing a more deregulatory approach in finance, including a comprehensive overhaul of bank capital rules that would modestly decrease requirements for large banks but lower them significantly for smaller institutions. The push for deregulation is part of a broader strategy to stimulate economic growth. Bessent noted a surge in applications for new bank charters, known as \"de novo charters,\" under President Trump's second term compared to the previous administration's combined efforts. However, most of this activity has been driven by fintech and digital asset firms, like Coinbase and Ripple, aiming to operate like traditional financial institutions without heavy reliance on partner banks.",
  "summary": "Treasury Secretary Scott Bessent made a case for lighter financial regulation at the G20 finance ministers gathering Monday, arguing to CEOs that post-crisis rules have squeezed small banks, according to remarks first shared with Axios. Why it matters: The private sector has a prominent role in the U.S.-led G20, with business leaders like JPMorgan Chase CEO Jamie Dimon and Goldman Sachs chief…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}