Treasury Seeks Wall Street Input on Overhauling Watchdog
- Lobbyists in private meeting call for weakening super-watchdog
- Trump has ordered Treasury report on rethinking risk panel
A pedestrian walks past the Wall Street subway station near New York Stock Exchange.
Photographer: Michael Nagle/BloombergThe Trump administration is letting the financial industry make its case that a super regulator set up to prevent a repeat of the 2008 crisis should be reined in.
At a closed-door meeting in Washington Thursday, lobbying groups for banks, securities firms and banks argued to Treasury Department officials that the Financial Stability Oversight Council should revamp its approach, according to people with direct knowledge of the topics discussed. Industry participants said the council should stop tagging companies as “systemically important,” a label that subjects them to greater scrutiny. The groups also want it to be easier for firms that have been called out as risky to escape the additional oversight.