U.S. Treasury Secretary Scott Bessent used the G20 summit in Asheville to advocate for lighter banking regulations introduced after the 2008 financial crisis. He highlighted that over 3,600 small and community banks have disappeared since 2010, representing roughly half of the total that existed before the regulatory wave following the Dodd-Frank Act. Bessent argued that easing capital requirements for community banks could release tens of billions of dollars into small business lending. The unusual participation of executives from JPMorgan and Goldman Sachs marked a departure from the traditionally government-only composition of G20 finance sessions.
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