A high-powered panel that's meant to spot dangers to financial stability is now urging regulators to review how rules are holding banks back, the latest sign of how much Wall Street oversight has changed under President Donald Trump.
In its annual report released Thursday, the Financial Stability Oversight Council for the first time advised agencies to address outdated and overlapping rules that could subject the industry to "increased compliance costs and regulatory burdens." The language is a notable inclusion in a document that's known for flagging risks such as cyberattacks and the financial sector's reliance on short-term funding.
FSOC, which is made up of more than a dozen regulators and led by Treasury Secretary Steven Mnuchin, was formed after the 2008 financial crisis to monitor threats that could lead to another crash. It's gotten a makeover in recent months as agency heads installed by Trump increasingly make up its members.
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