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3/19/2020

Financial Stability Oversight Council Announces Rescission of Nonbank Financial Company Designation | U.S. Department of the Treasury

Financial Stability Oversight Council Announces Rescission of
Nonbank Financial Company Designation
October 17, 2018

Washington – The Financial Stability Oversight Council (Council) today announced

that it

has rescinded its determination that material financial distress at Prudential Financial, Inc.
(Prudential) could pose a threat to U.S. financial stability and that Prudential shall be subject to
supervision by the Board of Governors of the Federal Reserve System and enhanced prudential
standards.
“The Council’s decision today follows extensive engagement with the company and a detailed
analysis showing that there is not a significant risk that the company could pose a threat to
financial stability,” said Treasury Secretary Steven T. Mnuchin. “The Council has continued to act
decisively to remove any designation that is not warranted.”
Section 113(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the
Council to reevaluate its nonbank financial company determinations at least annually.
The Council approved the rescission of Prudential’s designation unanimously. Securities and
Exchange Commission (SEC) Chairman Jay Clayton was recused from this matter and delegated
his voting authority to SEC Commissioner Elad Roisman.
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https://home.treasury.gov/news/press-releases/sm525

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