MetLife’s Chairman and CEO Steven A. Kandarian is fighting federal regulators who would deem the nation’s largest life insurer as too big to fail.
MetLife was notified Tuesday by the federal Financial Stability Oversight Council (FSOC) that the company is at “Stage 3″ of a process to in determining if it is “Systemically Important Financial Institution,” known by the acronym SIFI.
“I do not believe that MetLife is a systemically important financial institution,” Kandarian said in a prepared statement. “The Dodd-Frank Act defines a SIFI as a company whose failure ‘could pose a threat to the financial stability of the United States.’ Not only does exposure to MetLife not threaten the financial system, but I cannot think of a single firm that would be threatened by its exposure to MetLife.”
Read the following Reuters story for more on this.