“The insurance conglomerate MetLife doesn’t agree on much with the Financial Stability Oversight Council. The FSOC, in MetLife’s view, made a grievous mistake when it dubbed the company (in the infelicitous lingo of financial reform) a “nonbank systemically important financial institution” that needs extra oversight from the Federal Reserve’s Board of Governors, lest its financial distress bring down the entire U.S. economy.”
“On Thursday, the public interest group Better Markets filed an application to intervene in the MetLife case for the limited purpose of contesting the confidentiality of large parts of the record in a case of enormous public consequence. “A decision in favor of MetLife will not only rescind (an) important new layer of oversight but also cripple the FSOC’s ability in future cases to identify and address systemic risks before they materialize,” the brief said. “It is difficult to conceive of a matter in which the public has a greater interest in understanding both the full reasoning of this court and the factual basis on which the court relies.”
Read the full Reuters article by Alison Frankel here.