by John Carney
Breitbart.com
U.S. Treasury Secretary Scott Bessent signaled a shift in financial oversight priorities Thursday, urging the Financial Stability Oversight Council (FSOC) to streamline supervision and focus on promoting economic growth rather than politically driven regulations.
The meeting, held in executive session at the Treasury Department, marked Bessent’s latest move to reshape financial regulation under President Trump’s administration.
In his opening remarks, Bessent outlined a vision for enhancing the supervisory and regulatory frameworks governing banks and other regulated entities. He emphasized the need to refocus supervision on material financial risks and expressed strong support for banking agencies’ ongoing efforts to eliminate reputational risk as a basis for supervisory criticism. This initiative is seen as a departure from previous administration policies that critics say excessively prioritized social and environmental concerns over core financial stability.