The Financial Stability Council, led by Treasury Secretary Scott Bessent, voted to adopt changes aimed at reducing burdensome regulations to boost economic growth. Bessent emphasized the need to modernize regulations to enhance resilience and growth, with a focus on strengthening household and economic security.

Established after the 2008 financial crisis, the Financial Stability Oversight Council is forming a household resilience working group to monitor consumer financial health and identify early signs of stress. The council is also targeting economic security by enhancing cyberattack protections and Treasury market resilience, alongside creating an AI working group to monitor potential risks.

Joe Lavorgna, counselor to the Treasury secretary, highlighted the importance of ensuring credit flows to small businesses to boost economic growth. The changes proposed by the council aim to facilitate easier access to credit and prevent regulatory barriers that could hinder the economy from reaching its full potential.

Read more at Yahoo Finance: Looser regulations to boost growth, financial safety