Remarks by Secretary of the Treasury Scott Bessent before the Financial Stability Oversight Council

As Prepared for Delivery Introductory remarks: Now, turning to our first agenda item, we will discuss the Council’s annual report. Since the first day of this Administration, we have focused on building Parallel Prosperity—an era of economic expansion where Wall Street and Main Street grow together. To that end, we have tirelessly pursued pro-growth policies to help unlock the potential available to all Americans when they are free to save, invest, innovate, build businesses, and drive their own economic destinies. It is my firm belief that the Financial Stability Oversight Council plays an important role in ensuring that the financial system is contributing to this vision. Too often in the past, efforts to safeguard the financial system have resulted in burdensome and often duplicative regulations. Little thought was given to the harms of overregulation, the imbalance between costs imposed and benefits achieved, and the economic stagnation that can follow.