Senator Sherrod Brown (D-OH) and Representative Maxine Waters (D-CA) asserted that the FSOC's rescission of the designation of General Electric Capital Corporation as a systemically important financial institution proves that "FSOC is working just as Wall Street Reform intended: to protect working Americans from once again bailing out 'too-big-to fail' institutions."
News & Insights
3 News Results
The Financial Stability Oversight Council voted to rescind its determination that GE Capital Global Holdings, LLC is a systemically important financial institution subject to enhanced prudential standards and supervision by the Board of Governors of the Federal Reserve System.
GE Capital urged the Financial Stability Oversight Council to rescind its designation as a nonbank Systemically Important Financial Institution due to its "complete transformation" into a "smaller, simpler and less interconnected" company.