Odaily Planet Daily reports that U.S. Treasury Secretary Janet Yellen is proposing significant changes to the way the government manages financial regulation and stability. Yellen will recommend altering the work approach of the Financial Stability Oversight Council (FSOC), promoting more relaxed regulation and greater flexibility. In a letter on Thursday, Yellen wrote: “The Council will collaborate with its member agencies and support their assessments of whether certain aspects of the financial regulatory framework constitute excessive burdens and negatively impact economic growth, thereby undermining financial stability.” FSOC was established after the 2008 financial crisis to monitor and respond to systemic risks, with Yellen serving as the chair of the council. This plan marks a shift away from the long-standing tendency of the council to strengthen regulation. Yellen will also establish a working group “to explore opportunities for AI to enhance the resilience of the financial system, while monitoring potential risks that AI applications may pose to financial stability.” (Jin10)
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