Donald Trump meant many things to many voters, but for some, he was the deregulation candidate. He could validate that reputation if he acts soon on a regulatory dispute involving insurance giant MetLife. But he can’t wait too long.
In 2014, the Obama administration’s Financial Stability Oversight Council branded MetLife a too-big-to-fail enterprise, officially a “systemically important financial institution.” This designation placed the company under the regulatory regime of the 2010 Dodd-Frank Act, whose provisions were primarily aimed at the banking industry in an effort to decrease systemic threats to the financial markets.
MetLife challenged the label in January 2015, filing a lawsuit in the U.S. District Court for the District of Columbia. The company argued the classification was improper for a number of reasons. First, it felt that it was targeted due to its size and not the business activities it was engaged in.
MetLife also said that the