“The council is working with member agencies to consider where aspects of the U.S. financial regulatory framework impose undue burdens and where they harm economic growth, thereby undermining financial stability,”
Scott Bessent, secretary of the Treasury Department, said of the Financial Stability Oversight Council.
“[When] we have a different administration, an administration that believes in enforcing the law, an administration that believes in a level playing field, the apparatus is all there to turn [the CFPB] back on,” Warren said.
Sen. Elizabeth Warren, D-MA, said there’s a possibility that Congress will use the Congressional Review Act to overturn the proposal if it’s finalized.