U.S. Treasury Secretary Benson: Now it's time for ordinary people to take the lead, not Wall Street alone

Odaily News U.S. Treasury Secretary Benson said it was time for ordinary people to take the lead, not Wall Street. Benson also said he would focus on more targeted regulation, noting that regulation should be fair and applied evenly across entities.
"Treasury intends to drive change in regulatory culture through improved examination procedures, greater oversight of examiners' compliance with those procedures, and more realistic processes for appealing regulatory findings," Bessant said. "Perhaps the most important step will be to define 'unsafe and unsound' in rules using more objective measures based on financial risk." He said he would focus especially on more targeted regulation of community banks, which have been struggling with "undue compliance burdens" that require heavy investments in technology. "Wall Street is richer than it has been in the past four decades. It can continue to grow and do well." But over the next four years, it will be 'Main Street's' turn to drive investment. (Jin Shi)