Treasury Secretary Scott Bessent wants to overhaul a federal regulatory group, launched following the 2008 housing bust, that is tasked with safeguarding the U.S. financial system. The 15-member panel, known as the Financial Stability Oversight Council (FSOC), was established by the 2010 Dodd-Frank Act to help spot and defuse systemic financial risks. The council is chaired by the Secretary of the Treasury and includes the leaders from other financial regulatory agencies, such as the director of the Consumer Financial Protection Bureau and the head of the Board of Governors of the Federal Reserve System. In a letter ... (full story)