US Treasury department prepares to streamline banking regulators, Semafor reports

Reuters

Mon, Mar 24, 2025, 5:58 AM 1 min read

(Reuters) - The U.S. Treasury section is preparing recommendations for streamlining immoderate banking regulators, Semafor reported connected Monday, arsenic it seeks a stronger relation successful the oversight of the country's biggest lenders.

The recommendations could interaction the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation, the study said, citing 3 radical acquainted with the process.

The Treasury department, FDIC and OCC did not instantly respond to Reuters' requests for comment.

The Trump medication has embraced an expansive presumption of the statesmanlike power. Last month, an enforcement bid gave the White House greater power implicit autarkic agencies.

Treasury Secretary Scott Bessent's propulsion for greater power implicit banking regulators aligns with this strategy, according to the Semafor report.

If approved, the recommendations could beryllium the latest successful a bid of assertive measures by the administration, which has moved to defund national programs and frost billions of dollars successful spending approved by Congress.

Officials person already taken steps to reshape the fiscal manufacture and loosen regulation. The Consumer Financial Protection Bureau — a apical user watchdog — has been mostly dormant aft the Trump medication ordered it to halt each activity.

The OCC, the regulator charged with monitoring ample nationalist banks, told unit past period it was firing 76 probationary employees.

(Reporting by Ateev Bhandari and Niket Nishant successful Bengaluru; Editing by Shilpi Majumdar)