Promoting Economic Growth in Finance

Throughout our private sector engagements this year, participants have

identified several conditions that support economic growth, including

competitive tax environments, business-friendly regulation, lower

operating costs, and a skilled workforce.

Participants have also emphasized the importance of soliciting input as

policymakers shape decisions, not after businesses

absorb their effects. With that in mind, we've invited leaders from across the

private sector to join us in Asheville, and our first panel focuses on

the pro-growth environment we can

foster to help generate-- help financial institutions invest,

expand, and innovate. Here in the United States, we

are fortunate to

be home to the deepest, most dynamic and liquid market in the

world. Our financial sector is charged with facilitating the

flow and functioning of these markets and connecting the American

people with the capital and services they need to thrive.

Under the President's leadership, we are reducing burdens on our nation's great

financial institutions so they can better channel resources toward their

customers and their communities.

Since the great financial crisis, half of the community and small banks

have disappeared under the weight of over-regulation.

Yet in twenty twenty-three, all that supervision did little to spare our

country from suffering three of the largest bank failures in its history.

Dodd-Frank was supposed to end too big to fail.

Instead, it created too small to succeed.

To expand opportunity for all Americans, the banks that serve Main Street must

have the same chance to succeed as those that serve Wall Street.

And we expect reinvestment into small business and loans

for families across this country from these institutions.

De novo chartering activity is resurgent for the first time since the

great

financial crisis. In fact, confidence in the direction of travel

under this administration has led to more applicants for new

bank charters in the first year of this second term

than those of the first-- than those of all the last administration

combined. In short, we are working to create a financial

system that creates the conditions for economic growth.

Today's discussion gives our guests a chance to speak candidly on the

opportunities

and challenges they face, as well as show governments

and industry can work

together to build a more resilient, competitive, and innovative financial

system. We are fortunate to have several

distinguished leaders with us today to

inform that work, and I look forward to the discussion ahead

and to

discuss how Wall Street and Main Street deliver for the

American people.