Bessent To Propose Looser Regulation By Financial Stability Monitoring Body Created After 2008 Financial Crisis: Report

Treasury Secretary Scott Bessent is reportedly gearing up to propose looser regulation by the Financial Stability Oversight Council (FSOC).

According to a CNBC report, Bessent will propose a new approach for the FSOC in a bid to allow the monitoring body to adopt a freer process when it comes to the regulation and oversight of institutions under its mandate.

Bessent is expected to state in his letter that“the Council will work with and support member agencies in considering whether aspects of the U.S. financial regulatory framework impose undue burdens and negatively impact economic growth, thereby undermining financial stability,” according to the report.

The FSOC was established by Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, following the 2008 financial crisis.

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