Trump Administration Overhauls Financial Watchdog in Pursuit of Growth

Treasury Secretary Scott Bessent on Thursday outlined plans to rework the way a top financial regulatory body monitors the U.S. financial system for risks, as part of the Trump administration’s broader agenda to loosen oversight of financial firms in favor of an approach that it argues promotes growth. The Financial Stability Oversight Council, a panel of U.S. regulators formed in the aftermath of the 2008-09 financial crisis, will adopt a new approach to assessing threats to financial stability, Bessent wrote in a letter he posted on social media. Bessent said the council, which he chairs, will now prioritize economic growth and security and pinpoint ways to ease regulation through its work.