US House passes bill to repeal Sifi designations

The US House of Representatives has passed a bill that will end
"too big to fail" designations for non-bank financial
institutions and overhaul regulations created under the Dodd-Frank
Act.
The Financial Choice Act takes away the power of the Financial
Stability Oversight Council (FSOC) to decide if an insurer counts
as a systemically important financial institution (Sifi), also on a
retroactive basis.
Insurers with non-bank Sifi status include AIG and US life
insurer Prudential Financial.
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