Mr Bessent goes to Basel: the fate of global bank regulation
US resistance to international standards could spark greater fragmentation of prudential rules
The message could hardly have been clearer. Speaking to a room full of American bankers in April, US Treasury Secretary Scott Bessent insisted the US should not “outsource” financial regulation to global bodies. US president Donald Trump’s ‘America First’ philosophy is coming to the Basel Committee on Banking Supervision.
“The US will become more insular in terms of capital and supervision standards,” says Thomas Hoenig, a distinguished fellow at the Mercatus Center, who was vice-chair of the
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