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June 5, 2013

AIG, Prudential Named Systemically Important by Panel

“American International Group Inc. (AIG), Prudential Financial Inc. (PRU) and a unit of General Electric Co. (GE) were identified by U.S. regulators as potential risks to the financial system in a step toward putting the firms under tighter government scrutiny.

AIG and Prudential, in statements issued yesterday after a meeting of the Financial Stability Oversight Council, said they were notified of the proposed designations. Russell Wilkerson, a spokesman for GE Capital, said in an e-mail that his company also received a notice.

The council didn’t identify the companies it decided should be subjected to heightened Federal Reserve oversight. AIG, Prudential and GE Capital had previously said they were in the final stage of review.

“The council took another important step forward by exercising one of its principal authorities to protect taxpayers, reduce risk in the financial system and promote financial stability,” Treasury Secretary Jacob J. Lew said in a statement.”

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Read the full Bloomberg article here

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