Bessent Accelerates Regulatory Overhaul to Spur Growth

Treasury chief announces reforms to the Financial Stability Oversight Council

In a decisive effort to lift what the administration describes as “excessive regulation,” Treasury Secretary John Bessent today unveiled a sweeping set of changes to the Financial Stability Oversight Council (FSOC). The reforms are intended to streamline oversight, reduce compliance burdens on businesses, and create a more favorable environment for investment.

Speaking at a press briefing in Washington, Secretary Bessent emphasized that the new framework will “eliminate unnecessary red tape while preserving the core safeguards that protect the financial system.” He highlighted three primary goals of the overhaul:

• Simplify reporting requirements for banks and non‑bank financial institutions.
• Clarify the Council’s jurisdiction to prevent overlapping authority among regulators.
• Introduce a fast‑track review process for emerging financial technologies.

Industry leaders have welcomed the move, noting that a more predictable regulatory landscape could encourage expansion and job creation. “This is a significant step toward restoring confidence among investors and entrepreneurs,” said Maria Delgado, CEO of fintech firm NovaPay.

The Treasury Department plans to roll out the changes over the next six months, with a series of public consultations to fine‑tune the details. If successful, the reforms could mark a turning point in the nation’s effort to balance financial stability with robust economic growth.