WASHINGTON, Dec 11 (Reuters) – The Trump administration is overhauling a government watchdog charged with monitoring risks to the financial system to focus more on ways to boost economic growth and the “undue burdens” imposed by strict financial rules, Treasury Secretary Scott Bessent announced Thursday.
Bessent said the Financial Stability Oversight Council, a panel created following the 2008 financial crisis which he chairs, will shift focus towards ways to ease financial rules, arguing the costs of regulations to economic growth constitute a risk themselves. As part of that effort, Bessent said the FSOC will establish working groups focused on market resilience and household resilience, as well a working group to explore the opportunities and risks posed by artificial intelligence. Bessent announced the changes on the social media platform X, ahead of an FSOC meeting he is scheduled to chair Thursday afternoon.
(Reporting by Pete Schroeder)
