Scott Bessent Says Trump Is Prioritizing Main Street Over Wall Street In Speech To Bankers

Speaking to bankers in Washington, D.C., on Wednesday, Treasury Secretary Scott Bessent said that President Donald Trump is focusing his policy “on Main Street,” adding that small businesses have been overlooked while “Wall Street has grown wealthier than ever before.”

Bessent made the remarks at the American Bankers Association Summit, discussing Trump’s economic policy and tariffs as global markets respond to the president’s tariff rollout. Following Trump’s “Liberation Day” tariffs announcement last Wednesday, U.S. stocks immediately dipped and have yet to recover as anxiety persists on Wall Street.

The treasury secretary began his speech by emphasizing the importance of Main Street over Wall Street, arguing that Trump “understands that national strength comes from the ground up, not from the top down, and this concept applies to good government just as it does to banking and capital coordination.”

“For too long, financial policy has served large financial institutions at the expense of smaller ones. No more,” Bessent said. “This administration aims to give all banks the chance to succeed, whether it’s JP Morgan or your local mortgage and loan.”

“For the last four decades, basically since I began my career in Wall Street, Wall Street has grown wealthier than ever before, and it can continue to grow and do well,” he added. “But for the next four years, the Trump agenda is focused on Main Street. It’s Main Street’s turn to hire workers. It’s Main Street’s turn to drive investment. And it’s Main Street’s turn to restore the American dream.”

In a Q&A session following his speech, Bessent addressed Trump’s tariffs and their effect on the stock market, acknowledging that “there is a little uncertainty,” but he added that corporate executives he’s talked to say “the economy is very solid.”

“We are in pretty good shape,” Bessent said.

As trade deals remain up in the air and China doubles down on retaliating with tariffs on American goods, Bessent said that he believes the Trump administration “can probably” strike deals with its allies around the world, “and then we can approach China as a group.”

“We’ve been overwhelmed with the response to come to D.C. and negotiate,” Bessent continued, adding, “I think we have about 70 negotiations lined up. I’m not planning on going anywhere for Easter.”