US financial council reimagined as boon, not bane, for Wall Street

FSOC, which brings together all financial watchdogs, under Mnuchin can ease regulatory burdens

The Financial Stability Oversight Council (FSOC), which brings together all US financial watchdogs, used to be the scourge of Wall Street but under Treasury Secretary Steven Mnuchin it can serve to ease its regulatory burdens.

President Donald Trump has pledged to roll back legislation he believes stymies economic growth, but opposition in the US Senate makes it hard for Mnuchin to tear up existing rules.

However, he can make it easier for banks to trade, invest and return capital to shareholders by changing how the laws are interpreted and enforced. Created by the 2010 Dodd-Frank reform to better identify emerging threats to