Treasury Secretary Bessent calls for looser regulations for the U.S. financial system

Core Viewpoint - U.S. Treasury Secretary Scott Bessent is advocating for an overhaul of the Financial Stability Oversight Council (FSOC) to implement looser regulations on the financial system, arguing that current regulations are burdensome and hinder economic growth [1][2]. Group 1: Regulatory Changes - The FSOC, established in response to the 2008 financial crisis, is tasked with monitoring risks to the financial system and coordinating regulatory approaches [2][4]. - Bessent emphasized that the council will evaluate where U.S. financial regulations impose undue burdens that could harm economic growth and financial stability [3]. Group 2: Political Reactions - Senator Elizabeth Warren criticized the proposal for loosening financial regulations, warning that it could increase risks to the financial system and economy, especially in light of recent bankruptcies in the subprime auto lending sector and other industries [4].