TechFlow, December 11 — According to CNBC, U.S. Treasury Secretary Bessent is proposing significant changes to the government's approach to financial regulation and stability. Bessent will recommend altering the Financial Stability Oversight Council's (FSOC) operating principles, advocating for looser regulation and a more liberal approach. In a letter on Thursday, Bessent will write: "The Council will work with its member agencies and support their assessment of whether certain aspects of the financial regulatory framework impose excessive burdens and negatively impact economic growth, thereby undermining financial stability." Established after the 2008 financial crisis to monitor and address systemic risks, the FSOC has long leaned toward stricter regulation, with Bessent serving as its chair. This plan marks a shift from that longstanding stance. Bessent will also establish a working group "to explore opportunities for AI in enhancing the resilience of the financial system, while monitoring potential risks posed by AI applications to financial stability." (Jinshi)
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