U.S. Treasury Secretary Scott Bessent laid out a new economic direction for the Trump administration during a speech at the American Bankers Association (ABA) Washington Summit on Wednesday, pledging to put Main Street businesses and workers at the heart of financial policy.
Addressing banking leaders, Bessent criticized the long-standing focus on large financial institutions, arguing that smaller businesses and communities have been overlooked. He announced a shift toward empowering Main Street, emphasizing its role in job creation, investment, and reviving the American dream. “For too long, the system has favored the big players—no more,” he told the audience.
Bessent highlighted the wealth Wall Street has amassed over the past four decades, a period that aligns with his own career in finance. He insisted that Wall Street can continue to thrive, but the administration’s priority is now ensuring Main Street gets its share of opportunity.
🇺🇸 TREASURY SEC BESSENT: MAIN STREET TAKES PRIORITY NOW
— Mario Nawfal (@MarioNawfal) April 9, 2025
"For too long, financial policy has served large financial institutions at the expense of smaller ones— no more.
This administration aims to give all banks a chance to succeed, whether it’s JPMorgan or your local mortgage… https://t.co/OhiTVEvAwP pic.twitter.com/qA1mMhRvPV
Later, in an interview on CNBC, Bessent tackled concerns about a possible recession, defending President Trump’s agenda of tax cuts, deregulation, and trade adjustments. He explained the administration’s strategy as a careful rebalancing—reducing government debt while boosting private sector growth. “We can’t move too fast, or we risk a downturn,” he cautioned, stressing the need to maintain current tax relief and restore full business depreciation deductions.
Bessent also pointed to specific Trump proposals aimed at supporting workers, such as eliminating taxes on tips, Social Security benefits, and overtime pay. These measures, he argued, are critical to keeping the economy strong.
President Trump’s end goal is bringing jobs and manufacturing back to the United States, raising wages, increasing revenues and reviving the American Dream. I’m proud to be working alongside him on behalf of the American people as we right the wrongs of longstanding global trade… pic.twitter.com/b4OxB5n6am
— Secretary of Treasury Scott Bessent (@SecScottBessent) April 8, 2025
During the CNBC segment, Bessent underscored the president’s broader goals: bringing manufacturing jobs back to the U.S., raising wages, and increasing federal revenues. He framed these efforts as the foundation for a renewed American dream, rooted in local economies.
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