American International Group is now officially regulated as one of the first two non-banks designated as systemically important.
The Financial Stability Oversight Council officially announced it designated AIG and GE Capital as systemically important financial institutions (SIFIs) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, says Jacob Lew, Treasury secretary and FSOC chairman, in a statement late June 9.
Prudential Financial has appealed such a designation and the FSOC will hold a closed hearing within 30 days.
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