Statement from Secretary of the Treasury Scott Bessent Before the United States House Financial Services Committee

Chairman Hill, Ranking Member Waters, and members of the Committee—thank you for inviting me to discuss the Financial Stability Oversight Council’s 2025 annual report. This report is the culmination of extensive collaboration among FSOC members. I would like to thank them for their hard work and dedication in advancing the President’s bold vision for a better America. Since Day One, President Trump has focused on building Parallel Prosperity—an era of economic expansion where Wall Street and Main Street grow together. To that end, Treasury has tirelessly pursued pro-growth policies to unlock the potential available to all Americans when they are free to save, invest, build businesses, and drive their own economic destinies. The Financial Stability Oversight Council plays an important role in delivering on this agenda. Too often in the past, we have seen regulation by reflex.