Bessent proposes overhaul to council created after financial crisis — here's what to know

What is FSOC. >> FSOC is the abbreviation for the Financial Stability Oversight Council. It was a council created in the wake of the financial crisis to make sure the financial system didn't blow up again.It's composed of top regulators. The Treasury Secretary is the chairman. The head of the Federal Reserve is on it.Top financial regulators from the federal and the state level are all part of the group. They're supposed to monitor the financial system. Over the years, what they have generally done is they' ...