The Financial Stability Oversight Council (FSOC) has rescinded its 2013 decision to designate Prudential Financial, Inc., the largest life insurance company in the country, as a systemically-important financial institution (SIFI) under Section 113 of the Dodd-Frank Act.
The lifting of Prudential’s SIFI designation leaves FSOC absent any nonbank entities to treat as systemically important.
Find out what factors the council took into consideration in making the decision.