Metlife Disagrees With Preliminary SIFI Designation
MetLife, Inc. (NYSE: MET) Chairman, President and Chief Executive Officer
Steven A. Kandarian issued the following statement today after the Financial
Stability Oversight Council (FSOC) notified the company that it has been
preliminarily designated a non-bank Systemically Important Financial
“MetLife strongly disagrees with the Financial Stability Oversight Council's
preliminary designation of MetLife as a SIFI.
“MetLife is not systemically important under the Dodd-Frank Act criteria. In
fact, MetLife has served as a source of financial strength and stability
during times of economic distress, including the 2008 financial crisis.
“The current regulatory system oversees a stable industry that pays out more
than $500 billion every year. Imposing bank-centric capital rules on life
insurance companies will make it more difficult for Americans to buy products
that help protect their financial futures. At a time when government social
safety nets are under increasing pressure and corporate pensions are
disappearing, the goal of public policy should be to preserve and encourage
competitively priced financial protection for consumers.
“MetLife is not ruling out any of the available remedies under Dodd-Frank to
contest a SIFI designation.”
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