Financial Stability Oversight Council (FSOC) News

Trump to Order Review of Dodd-Frank Reforms, Taxes for Insurers, Banks

President Donald Trump will order the Treasury on Friday to find and reduce tax burdens and review post-financial crisis reforms that banks and insurance companies have said hinder their ability to do business. A White House official said on Thursday that Trump …

Insurers Push to Keep Industry Expert Woodall on U.S. Regulatory Council

With no sign of a replacement in the works, the U.S. insurance industry is pushing to prevent the departure of a key figure on the federal body that determines how large insurance companies are regulated. Roy Woodall, the sole independent voting member …

Republican Senator Wants Trump to Drop Systemic Risk Case Against MetLife

A Republican member of the Senate Banking Committee said on Thursday that he was “frustrated” that the Trump administration had not yet dropped the government’s case against Metlife Inc., an insurer challenging its “too big to fail” designation. Senator Pat …

Republicans Ask Treasury to End ‘Too Big To Fail’ Process for Non-Banks

Key Senate Republicans urged the Trump administration to rethink the process for labeling firms whose failure could threaten the financial system, arguing it has led to substantial regulatory costs. The Financial Stability Oversight Council, a panel of regulators with authority …

House Republicans’ Report Hits ‘Too Big to Fail’ Designation Process

Congressional Republicans are taking aim at the regulatory process through which some financial institutions become subject to heightened regulation because they are deemed too big to fail. In a report released on Tuesday, Republican staff members of the House of …

Trump Halts Fiduciary Rule Opposed by Financial Advisors; Orders Dodd-Frank Review

President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action Friday designed to significantly scale back the regulatory system put …

NAIC Leader Says Insurer Systemic Risk Process Is Unnecessary

Although the Financial Stability Oversight Council created by the Dodd–Frank Wall Street Reform Act could serve an incredibly useful purpose, FSOC’s activities so far have been misguided, an insurance regulator said last week. Ted Nickel, president of the National Association …

MetLife, U.S. Renew Court Battle Over ‘Too Big to Fail’

The U.S. government and the country’s largest life insurer are set for a rematch in a U.S. appeals court on Monday over how federal regulators decide a company is “too big to fail,” one of the most significant reforms to …

State Insurance Commissioners Name New Jersey’s Hartt to Financial Oversight Panel

The National Association of Insurance Commissioners (NAIC) has appointed Peter L. Hartt, director of New Jersey’s Insurance Division, to a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC). Hartt will represent the interests …

GE Erases ‘Too-Big-to-Fail’ Tag with Sale of Financial Businesses

General Electric Co. won approval to drop its designation as a too-big-to-fail financial institution, capping a transformation that has included the sale of nearly all of its lending business. The decision marks the first time a company has been granted …