New Delhi, Dec. 12 -- The Donald Trump administration is overhauling the focus of a US government watchdog that was set up following the 2008 financial crisis to maintain stability in the financial system.

In an announcement, Treasury Secretary Scott Bessent said that the watchdog, the Financial Stability Oversight Council (FSOC), would henceforth shift its focus on ways to boost economic growth and remove the "undue burdens" imposed by strict financial rules.

"FSOC is prioritizing sustainable long-term economic growth and economic security, modernizing regulations, reducing undue burdens, and fostering a financial system that supports resilience, innovation, and enduring US financial stability," Bessent said in his announcement.

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