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By FATIMA HUSSEIN

WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent is proposing to overhaul a regulatory panel that monitors the nation’s financial stability, by advocating for looser regulations.

The Financial Stability Oversight Council, a U.S. body created in the wake of the 2008 global financial crisis, monitors risks to the financial system and coordinates regulators’ approaches to overseeing the U.S. financial system. In a letter released by Bessent Thursday, he said “too often in the past, efforts to safeguard the financial system have resulted in burdensome and often duplicative regulations.”

“Our administration is changing that approach,” said Bessent, who chairs the committee, which is meeting on Thursday.

Bessent said the council will begin to “consider where aspects of the U.S. financial regulatory framework impose undue 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. read more

By ALEX VEIGA, AP Business Writer

The average rate on a 30-year U.S. mortgage edged higher this week, though it remains relatively near its low point so far this year.

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The uptick brings the average long-term mortgage rate to 6.22% from 6.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.6%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. The rate averaged 5.54%, up from 5.44% last week. A year ago, it averaged 5.84%, Freddie Mac said. read more

By KELVIN CHAN, AP Business Writer

Disney is investing $1 billion in OpenAI and will bring characters such as Mickey Mouse, Cinderella and Luke Skywalker to the AI company’s Sora video generation tool, in a licensing deal that the two companies announced on Thursday.

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At the same time, Disney went after Google, demanding the tech company stop exploiting its copyrighted characters to train its AI systems.

The OpenAI agreement makes the Walt Disney Co. the first major content licensing partner for Sora, which uses generative artificial intelligence to create short videos. read more

By JOSH FUNK and MARK VANCLEAVE, Associated Press

RANDOLPH, Minn. (AP) — When Donald Trump promised new tariffs while running for president, Gene Stehly worried that trade disputes would jeopardize his international sales of corn, soybeans and wheat.

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A little more than a year later, Stehly said his fears have become a reality, and Trump’s latest promise of federal assistance is insufficient to cover farmers’ losses.

“Maybe this will all come out to be better at the end, but I can tell you right now, it certainly isn’t the case at the moment,” Stehly said. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Wall Street set records on Thursday, even as a sell-off for Oracle and worries about a potential bubble in artificial-intelligence technology weighed on the market.

The S&P 500 inched up 0.2% and eked past its prior all-time closing high, which was set in October. The Dow Jones Industrial leaped 646 points, or 1.3%, to top its own record set last month. The Nasdaq composite lagged behind and slipped 0.3% because of the weakness for AI stocks.

It’s the latest return to records for the market following what had appeared to be a debilitating set of worries. Some of the most recent included concerns about what the Federal Reserve will do with interest rates and whether all the dollars flowing into AI chips and data centers will produce profits and productivity as prolific as proponents are promising.

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