US Treasury to Ease Bank Regulation Burdens

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US Treasury Secretary Scott Bessent Announces Stronger Role in Bank Regulation to Support Growth and Ease Burdens on Community Banks

US Treasury Secretary Scott Bessent announced Wednesday that his department will take a more active role in banking regulation, aiming to balance the costs and benefits of regulations to better support U.S. economic growth. Speaking at an American Bankers Association conference, Bessent emphasized the need for “commonsense principles” in regulation, particularly for community banks, which have struggled with rules designed for larger institutions.

Bessent said the Treasury will work through the Financial Stability Oversight Council and the President’s Working Group on Capital Markets to ensure more tailored and efficient oversight. He also called for changes to improve the transparency of bank supervision and to better define “unsafe and unsound” banking practices.

Bessent criticized international regulatory standards, such as those from the Basel Committee, and stressed that U.S. regulation should be tailored to American needs. His remarks come as the Treasury looks to shift focus from Wall Street to Main Street, supporting small businesses and community banks for the next phase of growth.

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 Trump Administration Pushes to Shrink Federal Real Estate Footprint in D.C., Sparking Debate

The current administration is accelerating efforts to reduce the federal government’s real estate footprint in Washington, D.C. Speaking at a field hearing Tuesday, Rep. Marjorie Taylor Greene highlighted the sale of federal office buildings and the termination of nearly 700 leases, saving an estimated $400 million. Greene praised the move, calling it a necessary step to cut wasteful spending on empty offices.

However, some experts, including David Marroni from the Government Accountability Office, caution that selling off federal properties too quickly could lead to costly relocations and disruption. Critics, like Rep. Melanie Stansbury, argue the push to sell valuable D.C. real estate is a “fire sale” that could harm federal operations.

The debate continues as lawmakers consider the future of federal properties, including the controversial proposal to move the FBI headquarters out of D.C.

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Feds Sue Former Fargo Realtor® Rodney Richter Over Ongoing Fraudulent Check Scheme Targeting Elderly Victims

And finally, Federal prosecutors have filed a civil lawsuit against former Fargo Realtor® Rodney Richter, accusing him of participating in an ongoing fraudulent check scheme targeting elderly victims. The complaint, filed Tuesday, claims Richter, 77, of West Fargo, facilitated the movement of fraud proceeds, including depositing fraudulent checks, wire transfers, and Bitcoin transactions, starting in 2020.

The FBI had warned Richter multiple times, but in February 2023, Richter attempted to deposit nearly $100,000 in fraudulent checks from local real estate company FM Title into his personal account. The checks were flagged, and the FBI later sought an interview with Richter, who stopped communicating with agents.

Richter, who had previously been a victim of a romance scam, had been facilitating these fraudulent activities, which led to over $200,000 in losses. The government is now seeking a court order to prevent further fraudulent activities.

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