Treasury Secretary Scott Bessent has announced a sweeping overhaul of the government body responsible for monitoring emerging threats to the nation’s financial system, pushing for an approach more oriented toward economic growth.
In an introductory letter accompanying the Financial Stability Oversight Council’s (FSOC) annual report, published Dec. 11, Bessent wrote that the council will pivot away from tightening what he called “prophylactic” regulations. Instead, the FSOC will prioritize removing regulatory constraints that he said may be holding back the nation’s economic potential.
