The giant insurance company Prudential Financial has been removed from a list of companies deemed big enough to threaten US economic stability and therefore subject to strict regulatory measures, the Department of the Treasury's Financial Stability Oversight Council announced in a press release on Wednesday.
WASHINGTON (Pakistan Point News / Sputnik - 17th October, 2018) The giant insurance company Prudential Financial has been removed from a list of companies deemed big enough to threaten US economic stability and therefore subject to strict regulatory measures, the Department of the Treasury's Financial Stability Oversight Council announced in a press release on Wednesday.
"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," Treasury Secretary Steven Mnuchin stated in the release.
The threat designation - often described as "too big to fail" - was applied to large banks and other financial firms under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The legislation was enacted after the 2008 financial crisis that triggered the Great Recession.
