Treasury Secretary Bessent calls for looser regulations for the U.S. financial system
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Treasury Secretary Scott Bessent listens as President Donald Trump talks after meeting with New York City Mayor-elect Zohran Mamdani in the Oval Office of the White House, Friday, Nov. 21, 2025, in Washington. Photo by Evan Vucci /APArticle contentWASHINGTON (AP) — U.S.
Treasury Secretary Scott Bessent is proposing to overhaul a regulatory panel that monitors the nation’s financial stability, by advocating for looser regulations.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe Financial Stability Oversight Council, a U.S. body created in the wake of the 2008 global financial crisis, monitors risks to the financial system and coordinates regulators’ approaches to overseeing the U.S. financial system. In a letter released by Bessent Thursday, he said “too often in the past, efforts to safeguard the financial system have resulted in burdensome and often duplicative regulations.”Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle content“Our administration is changing that approach,” said Bessent, who chairs the committee, which is meeting on Thursday.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentBessent said the council will begin to “consider where aspects of the U.S. financial regulatory framework impose undue burdens and where they harm economic growth, thereby undermining financial stability.”Article contentVoting members of the FSOC committee include the head of the Board of Governors of the Federal Reserve System; the Comptroller of the Currency; the director of the Consumer Financial Protection Bureau; the chairman of the Securities and Exchange Commission and several other agency heads.Article contentIt was established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act, a sweeping U.S. financial reform law created to prevent future economic meltdowns.Article contentA critic of the Trump administration, Sen. Elizabeth Warren, D-Mass., panned the idea of loosening financial regulations, saying “taking this hands-off approach to financial stability would leave our financial system and economy at greater risk in any economic environment.”Article content“Going down this path just as cracks are emerging in the financial system and yellow lights are flashing across our economy is especially reckless,” she said in a statement, citing the recent bankruptcies of subprime auto lender Tricolor Holdings, auto parts company First Brands, and home remodeling platform Renovo Home Partners.Article contentTrending CRA penalized taxpayer for repeated failure to report income Personal Finance This generation of Canadians is rapidly increasing its wealth and may soon unseat the boomers Wealth Who is Mark Wiseman? The career of the man expected to be Canada’s new U.S. ambassador Finance 'Wild West out there': Cargo theft reports soar in Canada, but that's just the tip of the iceberg News The best mortgage rates in Canada right now Real Estate Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. CRA penalized taxpayer for repeated failure to report income Personal Finance This generation of Canadians is rapidly increasing its wealth and may soon unseat the boomers Wealth Who is Mark Wiseman? The career of the man expected to be Canada’s new U.S. ambassador Finance 'Wild West out there': Cargo theft reports soar in Canada, but that's just the tip of the iceberg News The best mortgage rates in Canada right now Real Estate