Macro Musings with David Beckworth · Monday, October 19, 2026
Christina Skinner explains that under Secretary Besant, the Financial Stability Oversight Council (FSOC) underwent a major realignment to treat the designation power as a tool of last resort and embrace the economic insight that growth supports resilience.
“FSOC had been associated with this designation power. And we'll get to that in a moment. Now, in both the first Trump administration and this administration, right, both Secretary Mnuchin and Secretary Besant essentially agreed that the designation power should be a tool of last resort”
“The key insight that we had is that growth and stability, economic growth and financial stability, are not competing objectives.”