Treasury Secretary Scott Bessent on Thursday outlined a sweeping reset of the U.S. government’s main financial stability watchdog, arguing that the Financial Stability Oversight Council should treat economic growth and economic security as preconditions for stability, not competing goals.
Speaking at an FSOC meeting as the council released its 2025 annual report, Bessent said the Trump administration has been pursuing what he calls “Parallel Prosperity,” a period in which Wall Street and Main Street expand together. He cast the council’s new approach as part of that effort, after what he described as years in which safeguards were allowed to…
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