US Treasury Secretary Scott Bessent signaled key changes Thursday to a high-level panel on financial stability, putting more emphasis on economic growth and reduced regulation.

The panel, the Financial Stability Oversight Council (FSOC), was created to identify emerging risks and avoid a repeat of the 2008 global financial crisis.

Chaired by the Treasury secretary, it comprises representatives of top financial regulators including the Federal Reserve, the Securities and Exchange Commission, and the Federal Deposit Insurance Corporation.

"Too often in the past, efforts to safeguard the financial system have resulted in burdensome and often duplicative regulations," Bessent told an FSOC meeting on Thursday.

"Little thought was given to the harms of overregulation," he added.

He said the

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