As Treasury Secretary, Bessent would be expected to support policies Trump says will make America more competitive, stop "unfair" trade imbalances, and create an economy that prioritizes growth above all else.
Wells Fargo Securities' managing director and head of U.S. large-cap bank research, Mike Mayo, says fewer regulations will make banking services cheaper, freeing up money to let them do what they do best.
"Don't sacrifice one iota of resilience," says Mayo. "But let the process improve the efficiencies. Less bureaucracy less complexity, less red tape. Let the banks be banks."
Bessent pitched a conservative treasury plan-what he calls the 3-3-3-at the Manhattan Institute aiming to cut the budget deficit, boost GDP growth, and increase U.S. energy production.
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