‘Blood bath for smaller Banks..': Hagerty, Bessent take aim at Dodd-Frank over Community Bank strain

During a Senate Banking Committee hearing on Thursday, Sen. Bill Hagerty (R-TN) asked Treasury Secretary Scott Bessent about community banks. "Policy errors have entrenched the dominance of the largest banks and made it even more difficult for community banks which lack the market distorting perception of being too big to fail. For smaller banks, the result has been a blood bath. The US has lost 3,600 community banks since 2010", Sen. Bill Hagerty said.