BUSINESS/REGULATIONS/TRUMP AS PRESIDENT: “And then there were none. The Trump administration said on Wednesday [10-17-18] that Prudential Financial, the giant insurer, would no longer be subject to stricter federal oversight, bringing to zero the number of financial firms outside the banking system that face such scrutiny. The Financial Stability Oversight Council said it was removing the ‘systemically important financial institution’ — or SIFI — label from Prudential after similar moves allowed American International Group, MetLife and GE Capital to escape the designation. The council applies the SIFI designation to financial firms whose collapse it believes can pose a serious threat to the financial system. The decision extends a deregulatory push that is loosening rules for banks and financial firms of all sizes. It also signals a major retreat for the council, a body established by Congress after the 2008 financial crisis to help spot risks and ensure that large financial firms outside the regulated banking system did not fall through regulatory cracks. On Wednesday, the council said Prudential no longer posed the type of threat that would warrant stricter oversight.”
–Alan Rappeport and Peter Eavis, “Trump Administration Releases Prudential From Strict Post-Crisis Oversight,” The New York Times online, October 17, 2018