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Michael Faulkender, the Deputy Secretary of the U.S. Treasury, recently suggested that the Trump administration intends to repeal certain regulatory measures put in place during the tenure of Gary Gensler, the former Chairman of the Securities and Exchange Commission (SEC). Speaking at an event hosted by the Managed Funds Association, Faulkender noted that, owing to the extensive regulatory measures enacted by Gensler, the administration would initially prioritize revoking some of the more onerous rules. These regulations, particularly the SEC's climate disclosure rules, are reported to have substantially elevated compliance costs. Faulkender believes that excessive regulation of financial institutions could prompt a shift of financial activities towards the shadow banking sector.
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