What has happened to the Treasury Department? Donald Trump was elected promising deregulation and calling the Dodd-Frank Act a “disaster,” so there was reason to hope for real reform. But last month’s Treasury report on the Financial Stability Oversight Council suggests not only that Treasury’s zeal for deregulation has faded, but that the department is looking to increase the FSOC’s power. The FSOC—a council of federal financial regulators chaired by the Treasury secretary—was in many ways the heart of Dodd-Frank. The legislation...

Source: Wall Street Journal December 06, 2017 23:03 UTC