10.18.18
Risk of Bank-Like Regulation Fades for Big Financial Firms
by: Ryan Tracy; Leslie Scism; Allison Prang
The Financial Stability Oversight Council has unanimously rescinded Prudential Financial's designation as a “systemically important financial institution.” The move leaves no nonbank firms wearing the “systemic” tag, a signal that the Trump administration doesn't see the need for heightened regulation of large firms outside the banking sector. “The council's decision today follows extensive engagement with the company and a detailed analysis showing that there is not a significant risk that the company could pose a threat to financial stability,” U.S. Treasury Secretary Steven Mnuchin said.
Read the full article on Wall Street Journal