Bessent Proposes FSOC Overhaul: Looser Regulations

Treasury Secretary Scott Bessent proposes a significant overhaul of the Financial Stability Oversight Council (FSOC), a panel established post-2008 financial crisis to monitor risks to the US financial system. Bessent advocates for looser regulations, arguing current rules are burdensome and duplicative. The FSOC plays a crucial role in coordinating regulatory approaches and preventing economic downturns. Bessents proposal marks a potential shift towards a less interventionist approach, with implications for banks, investment firms, and the broader economy. The debate over regulation and economic growth is intensifying, with experts and lawmakers weighing in on the proposed changes. The outcome could redefine the landscape of financial regulation in the US.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.