And Then There Was One: US FSOC Rescinds AIG’s SIFI Designation

October 06, 2017

The Financial Stability Oversight Council (FSOC) on September 29, 2017 issued a determination rescinding its prior designation of American International Group, Inc. (AIG) as a systemically important financial institution (SIFI). The rescission came on a 6-3 vote – the Treasury Secretary, the Chairs of the Federal Reserve Board (FRB), the Commodity Futures Trading Commission and the National Credit Union Administration, the Acting Comptroller of the Currency and the independent insurance representative voted in favor of the rescission; the Chair of the Federal Deposit Insurance Corporation, and the Directors of the Consumer Financial Protection Bureau and the Federal Housing Finance Agency voted against the rescission. The FSOC’s action came under a requirement that FSOC reevaluate its SIFI designations at least annually.

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