FSOC Reevaluates Whether AIG Poses Risk to US Financial Stability
FSOC announced that it has rescinded its determination that the material financial distress at American International Group, Inc. (AIG) could pose a threat to the U.S. financial stability and that AIG shall be subject to supervision by the Board of Governors and enhanced prudential standards.
Section 113(d) of the Dodd-Frank Act requires the Council to reevaluate its nonbank financial company determinations at least annually. “The Council has worked diligently to thoroughly reevaluate whether AIG poses a risk to financial stability,” said Treasury Secretary Steven T. Mnuchin. “This action demonstrates our commitment to act decisively to remove any designation if a company does not pose a threat to financial stability.”
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Keywords: Americas, US, Banking, Non Bank Financial Company, Financial Stability, AIG, FSOC
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