Late Monday evening, FSOC released member statements leading to the Friday-night decision to end AIG’s systemic designation. Most striking among these was Chair Yellen’s regarding the reason she for the first time sided with Trump appointees against her fellow Obama hold-overs. As detailed in this report’s analysis of FSOC action, Ms. Yellen did not make a clear statement in favor of activity-and-practice regulation versus designation even though global regulators have now generally agreed on the new approach.
The full report is available to retainer clients. To find out how you can sign up for the service, click here.