Financial Stability director: SIFI designation is not “too big to fail”

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The "Too Big to Fail" Penalty: A New Era of Insurance Regulation in the Wake of the Financial Crisis Ben Pierce * Emory University School of Law, J.D. Candidate, 2017; Executive Articles and Essays Editor, Emory Corporate Governance and Accountability Review; B.A. English and American Literature, New York University.

 · Among its many arguments against its SIFI designation, MetLife claimed that it was not eligible for designation because it is not “predominantly engaged” in “financial” activities, that FSOC violated its own regulations in making its designation decision, and that FSOC failed to examine the costs of its designation decision, focusing exclusively on the presumed benefits instead.

 · American International Group is no longer too big to fail. That was the ruling Friday from the Financial Stability Oversight Council, which said AIG, whose collapse in 2008 threatened to bring down the entire U.S. financial system, was no longer a systemically important financial institution.

The designation as systemically important, or too big to fail, is coming under fire from the companies who have to deal with the designation. Victoria McGrane and Leslie Scism had these details in their story for The Wall Street Journal: MetLife Inc. is challenging the federal government’s.

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The Financial Stability oversight council rescinded american international Group Inc.’s "too big to fail" designation by a 6-3 vote on Friday.

It creates an uneven playing field between big and small firms. "This unfair competition, together with the incentive to grow that too-big-to-fail provides, increases risk and artificially raises the market share of too-big-to-fail firms, to the detriment of economic efficiency as well as financial stability."

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AIG is pushing hard to shed its "too big to fail" status, ahead of a crunch vote that could boost the Trump administration’s attempt to undo obama-era reforms. The New York-based insurance.

The only other nonbank to be so designated as too big to fail, GE Capital, restructured and had the SIFI. financial stability,” said Treasury Secretary Steven T. Mnuchin. “The Council has continued.

In December, one day before announcing the designation of MetLife as a SIFI, FSOC put out a request for public comment on the "potential risks to U.S. financial stability from asset. of an advisor.

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