Today, the Financial Stability Oversight Council (FSOC) de-designated Prudential Financial Inc. as a Systemically Important Financial Institution (SIFI). Congressman Blaine Luetkemeyer (MO-03), Chairman of the Financial Institutions and Consumer Credit Subcommittee, released the following statement:

“I applaud FSOC’s unanimous decision to remove Prudential’s SIFI designation and I am thankful for Secretary Mnuchin’s leadership,” said Chairman Luetkemeyer. “While it is refreshing to see a return to more reasonable regulation, the process for designating both banks and nonbanks as SIFIs continues to be far too arbitrary and lacks any semblance of transparency or logic. It’s my hope that FSOC reconsiders the designation processes across the board.”

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