Treasury Secretary Scott Bessent on Wednesday said that community bankers will play a pivotal role in revitalizing Main Street during President Donald Trump’s time in office.
Bessent delivered a keynote address at the American Bankers Association (ABA) Wednesday morning in Washington, DC.
The Treasury Secretary, a hedge fund manager, said that although Wall Street firms will continue to grow for years to come, “for the next four years, it’s Main Street’s turn.”
For the last four decades, Wall Street has grown wealthier than ever before. And it can continue to grow and do well. But for the next four years, it’s Main Street’s turn.
— Secretary of Treasury Scott Bessent (@SecScottBessent) April 9, 2025
It’s Main Street’s turn to hire workers. It’s Main Street’s turn to drive investment. And it’s Main… pic.twitter.com/lMMO4Davhz
To drive Main Street’s growth during Trump’s presidency, he believes that the community banker will be a strategic partner for the working-class American.
He said:
As community bankers, you know the needs of small-town America better than anyone.
You know the concern of a young couple saving for their first home; the worried look of a single mother just scraping by; and the stress of a father trying to pay for his daughter’s education.
You know these people personally. You now how best to help them — and you know it far better than any regulator in Washington. This is the animating belief behind the Trump administration’s approach to small banking policy.
“Community bankers can make America great again — if the government will let you. My job is to make sure it lets you,” Bessent emphasized.
He said that the Trump administration will move to restore “common sense to government” by having government regulations come from a “clear statutory mandate.” Regulation should be efficient and regulation should be fair.
Bessent said that community banks are particularly affected by “undue compliance burdens” and that the Trump administration will review the Consumer Financial Protection Bureau’s (CFPB) recent rules and other regulations related to internal controls.
He accused regulatory agencies of “mission drift” that has led to politicized agencies focused on issues other than their core mission, including climate change and the “debanking of disfavored industries.”
“Americans deserve a financial services industry that works for all Americans, including Main Street. Under President Trump’s leadership, the Treasury Department will deliver that,” Bessent concluded his speech.
Sean Moran is a policy reporter for Breitbart News. Follow him on X @SeanMoran3.
