By Larry Kudlow | Commentary, Fox Business
Treasury Secretary Scott Bessent spoke to the Economic Club of New York today and emphasized the growthy-ness of President Trump’s program.
I had a chance to interview the Secretary after his speech. But importantly, Bessent emphasized deregulation, especially in the banking sector – and that includes bank loans to small businesses. This is important because during the Biden years, Fed Chair Jay Powell swayed with the wind and promoted DEI, ESG, no loans to oil and gas companies, terrible supervision of Silicon Valley, and a disregard for the importance of community banks. Powell presided over a real mess.
Incidentally, it looks like Trump-appointee Miki Bowman, who is a member of the Federal Reserve Board, is going to get the nod to become the Fed Vice Chair for bank supervision – and that’s going to be a welcome relief from Jay Powell’s woke policies. Bessent defended President Trump’s campaign to stop unfair trading practices and currency manipulation and intellectual property theft. And incidentally, President Trump himself paused the 25% tariffs on Mexico and Canada and essentially gave the USMCA deal a 30-day reprieve.