Wall Street Super Watchdog Now a Forum to Cut Rules Under Trump
Oversight of big banks is being pulled back under President Trump with help from Wall Street.
By Jesse Hamilton |
Updated on December 15, 2017
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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report released Thursday, the Financial Stability Oversight Council for the first time advised agencies to address outdated and overlapping rules that could subject the industry to “increased compliance costs and regulatory burdens.”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.
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