WASHINGTON (AP) – U.S. Treasury Secretary Scott Bessent is proposing to overhaul a regulatory panel that monitors the nation’s financial stability, advocating for looser regulations. The Financial Stability Oversight Council, a US body created in the wake of the 2008 global financial crisis, monitors risks to the financial system and coordinates regulators’ approaches to overseeing the US financial system. In a letter released Thursday by Bessent, he said “too often in the past, efforts to protect the financial system have resulted in burdensome and often duplicative regulations.” “Our administration is changing that approach,” said Bessent, who chairs the committee, which meets Thursday. Bessent said the board will begin “considering where aspects of the U.S. financial regulatory framework impose unnecessary burdens and where they harm economic growth, thereby undermining financial stability.” Voting members of the FSOC committee include the head of the Board of Governors of the Federal Reserve System; the Comptroller of the Currency; the director of the Consumer Financial Protection Bureau; the chairman of the Securities and Exchange Commission and several other agency heads. It was established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act, a sweeping US financial reform law created to prevent future economic collapses. A critic of the Trump administration, Sen. Elizabeth Warren, D-Mass., panned the idea of ​​loosening financial regulations, saying “taking this hands-on approach to financial stability would leave our financial system and economy more at risk in any economic environment.” “Going down this path just as cracks are opening in the financial system and yellow lights are flashing across our economy is particularly reckless,” she said in a statement, referring to the recent bankruptcies of subprime auto lender Tricolor Holdings, auto parts company First Brands, and home remodeling platform Renovo Home Partners.