U.S. Treasury Secretary Scott Bessent is proposing to overhaul the regulatory panel that monitors financial stability, advocating for looser regulations. The council was created after the 2008 financial crisis to coordinate regulators’ approaches. Bessent wants to review regulations that hinder economic growth and stability. The FSOC includes heads of key financial regulatory agencies. Established in 2010, it aims to prevent future economic crises.

Senator Elizabeth Warren criticized the Trump administration’s plan to loosen financial regulations, warning it could increase the risk to the economy. She pointed out recent bankruptcies in the subprime auto lending, auto parts, and home remodeling sectors. Warren believes easing regulations during financial instability is irresponsible and risky.

Read more at Yahoo Finance: Treasury Secretary Bessent calls for looser regulations for the U.S. financial system