Home \ Newsroom \ Politico: Dodd-Frank backers boosted by GE Capital’s success in shedding 'systemically important’ label

Politico: Dodd-Frank backers boosted by GE Capital’s success in shedding 'systemically important’ label

"GE Capital's successful exit from the stricter government scrutiny enacted after the financial crisis is giving supporters of the 2010 Dodd-Frank Act a new weapon to defend the law’s safeguards against systemic risk, which have been under increasing political and legal attack.

"The Financial Stability Oversight Council, made up of the nation’s top regulators, said Wednesday that GE’s lending business would no longer be designated a systemically important financial institution after the company shrank its financial operations significantly."

***

FSOC’s action “proves that the Dodd-Frank financial reform law is working as designed both for taxpayers and for the financial system,” said Dennis Kelleher, president and CEO of Better Markets, a nonprofit group.

***

To read the full Politico Pro article by Victoria Guida click here.

 

 

Share This Article: