Editorial Board

The U.S. Risks Blinding Itself to the Next Financial Crisis

The Trump administration has apparently forgotten the lessons of the Great Recession.

December 18, 2018 at 11:30 AM UTC

By The Editorial Board

The Editorial Board publishes the views of the editors across a range of national and global affairs.

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Photographer: Andrew Harrer/Bloomberg

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After the 2008 financial crisis, Congress created a new federal entity with an important mission: to ensure that regulators would never again be caught off-guard. The Financial Stability Oversight Council brought together different agencies to watch for threats within the banking system and beyond.

The Trump administration is now undermining those efforts — at the very point in the economic cycle where the FSOC is needed most.