Scott Bessent Says Trump Is Prioritizing Main Street Over Wall Street In Speech To Bankers

Treasury Secretary Scott Bessent delivered a strong message to the nation’s banking elite during a speech to the American Bankers Association this week, making it clear that under President Donald Trump, the administration’s economic focus is on “Main Street, not Wall Street.”

Speaking to a crowd of financial executives on April 9, Bessent emphasized that while the past four decades have been lucrative for major financial institutions, it’s time for the government to rebalance priorities and empower small businesses, community banks, and everyday Americans.

“For too long, the system has been rigged to benefit the biggest players,” Bessent said. “President Trump is focused on building an economy that works for working people—not just corporate boardrooms.”

Bessent outlined plans for the Treasury Department to take a more active role in shaping banking regulations, particularly to reduce the regulatory burden on smaller banks that have long been held to the same standards as massive institutions. He criticized existing oversight practices as overly complex, unaccountable, and poorly suited to local lenders who serve rural and small-town America.

Among the initiatives discussed:

• Recalibrating regulations so that community banks aren’t crushed under the same rules designed for megabanks.

• Defining “unsafe and unsound” banking conditions based on objective financial risk, not bureaucratic discretion.

• Reforming examination procedures to make supervision more transparent and consistent.

• Resisting the blind adoption of global standards like the Basel Committee’s “Endgame” rules, which often harm smaller U.S. institutions.

Bessent said Treasury would work closely with the Financial Stability Oversight Council and the President’s Working Group on Capital Markets to ensure that regulations protect consumers without stifling local lending or choking off credit to small businesses.

“We’re not just changing policy—we’re changing philosophy,” Bessent said. “Our goal is to create a fairer playing field where small banks can thrive, and where every American entrepreneur can access the capital they need to build something great.”

He also tied the administration’s economic outlook to Trump’s America First trade agenda, arguing that access to cheap goods from abroad isn’t the American Dream—prosperity, security, and upward mobility are.

“The real American Dream is earning enough to buy what you need, save what you want, and pass something on to the next generation. That’s what we’re fighting for,” Bessent said.

The speech signals a major shift in tone and policy, making clear that the Trump administration isn’t interested in placating global finance. Instead, it’s building an economy centered on American workers, American values, and American growth—from the ground up.