Christina Skinner on the Financial Stability Oversight Council and Central Bank Independence

FSOC under Besant now treats growth as a precondition for financial stability, sidelining its once-central non-bank designation power.

• FSOC's growth pivot: Under Secretary Besant, Skinner led a reframe treating economic growth and financial stability as complementary, not competing, objectives—dubbed moving past the 'clean vs. lean' debate.
• Designation power demoted: Both Mnuchin and Besant treat FSOC's power to designate systemically important non-bank firms as a 'tool of last resort,' not its primary purpose.

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