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US Financial Stability Oversight Council Files Appeal to Metlife Decision
04/08/2016
The US Financial Stability Oversight Council filed its appeal to the DC District Court opinion overturning the FSOC’s designation of insurer MetLife as a systemically important financial institution. In the March 30, 2016 judicial opinion that was unsealed last week, US District Court Judge Rosemary Collyer called the FSOC’s determination process “fatally flawed” and “arbitrary and capricious,” ruling that the FSOC did not follow its own guidelines before deciding on the Metlife designation. US Treasury Secretary Jacob J. Lew has criticized the court’s ruling, arguing that by overturning the conclusions of experienced financial regulators, “the court imposed new requirements that Congress never enacted, and contradicted key policy lessons from the financial crisis.”
View the US District Court opinion.
View the statement from Treasury Secretary Jacob J. Lew.
Financial Regulatory Developments Focus