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Progressive Groups Call for Restoring Risk Watchdog’s Powers

  • Americans for Financial Reform campaigns to strengthen FSOC
  • Letter asks Biden’s Treasury to roll back Trump-era changes

Progressive groups are campaigning for the Financial Stability Oversight Council to have its full authority restored after the Trump administration largely disarmed one of the government’s greatest powers to rein in risk-taking.

Trump-era guidance in 2019 sidelined the ability of the council to designate individual nonbank financial firms as so large, complex and interconnected that their failure would threaten the wider system. Americans for Financial Reform asked Treasury Secretary Janet Yellen to repeal that change.