Systemically Important Financial Institution News

Trump Nominates Life Industry’s Workman to Replace Woodall on Financial Stability Panel

President Donald Trump wants Thomas E. Workman, an attorney and former life insurer trade group leader, to be the independent insurance industry’s voting member of the Financial Stability Oversight Council (FSOC) for a term of six years. The FSOC, which …

Senators Question If Trump Adviser, AIG Investor Icahn Plays Role in ‘Too Big to Fail’

Two prominent U.S. Democratic senators are raising questions about President Donald Trump’s special adviser, Carl Icahn, asking in a letter on Thursday if the activist investor is attempting to persuade the government to lift its “too big to fail” tag …

Fed Proposal Would Hike Capital Requirements to Discourage ‘Too Big to Fail’

Minneapolis Federal Reserve President Neel Kashkari unveiled a plan on Wednesday to prevent future government bailouts by forcing the largest U.S. banks to hold so much capital that they would probably decide to break themselves up. Kashkari’s plan would also …

Rep. Hensarling’s Plan Could Be Blueprint for Trump Revamping of Dodd-Frank

When Jeb Hensarling, the Republican chair of the U.S. House Financial Services Committee, released legislation this summer to weaken the major financial law known as Dodd-Frank, many said it was a prêt-a-porter plan that his party’s nominee, Donald Trump, could …

MetLife Systemic Risk Battle Not Over as U.S. Files Appeal

The U.S. government on Friday appealed a court decision that major insurer MetLife cannot be considered “too big to fail” in the United States Court of Appeals for the District of Columbia, according to a filing. U.S. Treasury Secretary Jack …

MetLife Cites Foreign Operations to Claim It’s Not a U.S. Financial Firm

MetLife Inc.’s fight to free itself from a costly government label is increasingly focusing on a bold argument: The giant insurer isn’t actually a U.S. financial company. In court papers filed in Washington on Friday, MetLife said it doesn’t meet …

Legal Battle Over MetLife Systemic Risk Label Looms

U.S. regulators are close to a final decision to label MetLife Inc. systemically important, two people with knowledge of the matter said, setting up a potential legal battle with the country’s largest life insurer. The Financial Stability Oversight Council is …

Delaware Commissioner Urges Treasury to Reconsider MetLife’s SIFI Designation

Delaware Insurance Commissioner Karen Weldin Stewart has recently sent a letter to U.S. Treasury Secretary Jacob Lew and other federal regulators urging them to reconsider their vote to propose that MetLife be labeled as a “systemically important financial institution” (SIFI). …

MetLife ‘Strongly Disagrees’ with Systemically Risky Designation

MetLife Inc., the biggest U.S. life insurer, was tentatively categorized as a systemically important financial institution (SIFI) by a panel of regulators, which would subject it to stricter Federal Reserve supervision. “MetLife strongly disagrees,” Chief Executive Officer Steven Kandarian said …

AIG, GE Capital Systemic Risk Designations Renewed

The top U.S. regulatory panel tasked with policing the safety of the financial system said on Thursday it is launching a review of potential risks in the asset management industry. But the Financial Stability Oversight Council was unlikely to designate …