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The Treasury secretary said the Financial Stability Oversight Council would shift focus from “prophylactic” policies to a more deregulatory approach.
Treasury Secretary Scott Bessent has taken steps to steer the deregulation process and play a more active role on the Financial Stability Oversight Council. | Evan Vucci/AP
Treasury Secretary Scott Bessent on Thursday announced an overhaul to the structure of a panel of financial regulators and how it monitors emerging threats to financial stability, as part of his broader push to use the levers of government power to slash regulations.
In an introduction letter to the Financial Stability Oversight Council annual report released Thursday, Treasury Secretary Scott Bessent said that the council would shift its focus from “prophylactic” regulatory and supervisory policies to an approach aimed at removing red tape in areas like artificial intelligence, in a bid to spur economic growth.
