Eakinomics: FSOC and the Courts
The Dodd-Frank Act created the Financial Stability Oversight Council (FSOC) and empowered it to designate non-bank financial entities as Systemically Important Financial Institutions (SIFIs). That is as it should be — Congress creates law. At the outset, FSOC followed an entity-based approach to designating SIFIs — for all practical purposes, a focus on the size of entities — and used this to designate the insurers MetLife, Prudential, and AIG as SIFIs. Again, that is how policy should be made — the Administration implements law.
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Company Recognized for Strong Management of Environmental, Social and Governance Issues
NEW YORK, Sept. 12, 2017– MetLife, Inc. (NYSE: MET) today announced that it has been named to the Dow Jones Sustainability Index (DJSI), a widely-recognized standard for corporate responsibility that tracks leading sustainability-driven companies.
DJSI scores companies based on their management of a variety of Environmental, Social and Governance (ESG) issues: corporate governance, risk management, branding and reputation, climate change mitigation, supply chain standards and labor practices. MetLife was eligible for the DJSI North America, which recognizes a group of the top 20 percent of sustainability performers across the 600 largest U.S. and Canadian companies. MetLife was one of only seven insurers in North America to make the list.
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“Dear Ambassador Lighthizer, Secretaries Ross, Tillerson and Mnuchin and Director Cohn:
As the nation’s largest business organizations—representing companies of every size, sector, and state in the union—we write to affirm the critical importance we ascribe to retaining strong investment protections and investor-state dispute settlement (ISDS) in the negotiations to modernize the North American Free Trade Agreement (NAFTA). For decades, U.S. trade and investment agreements have provided for neutral arbitration to resolve investment disputes. These ISDS procedures ensure that other countries treat U.S. investors fairly, do not seize their property without compensation, and do not impose “forced localization” requirements that compel jobs to be shipped overseas.”
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“Earlier this year the Treasury Department invited AAF to participate in a roundtable discussion with other think tanks and academics as it researched and wrote its report on banks and credit unions, pursuant to Executive Order 13772. At least three other Treasury reports are due for publication this fall. For the next report, in lieu of further roundtables, however, interested groups and individuals are invited to submit written comments on FSOC-specific matters. Below are written comments from AAF President Douglas-Holtz-Eakin and AAF Director of Financial Services Policy Meghan Milloy to Treasury staff regarding FSOC and recommendations for reform.”
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Earlier this year MetLife asked the DC Circuit Court to hold off on issuing an opinion in their court case against the Financial Stability Oversight Council (FSOC) until the Treasury Department completed its report on FSOC as directed by the administration’s Presidential Memorandum from April. The court granted MetLife’s request, but only for 60 days, or until July 11th. That means that unless the court extends the abeyance to the full 180 days, it could deliver a ruling on the case well before the Treasury report is due later this fall. Therefore, the court should extend the abeyance for another 120 days to give Treasury ample time to complete the report so that the court will have the full report and all of Treasury’s research and findings at its disposal while making its decision.
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Metlife, Inc.’s motion to hold appeal in abeyance pending the Secretary of the Treasury’s forthcoming report on the FSOC designation process.
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MetLife, Inc. is a leading global provider of insurance, annuities, employee benefits and asset management, serving approximately 100 million customers and more than 90 of the top one hundred FORTUNE 500® companies. MetLife has operations in 44 countries and holds leading market positions in the United States, Latin America, Asia, Europe and the Middle East.
Founded in 1868, MetLife continues to build upon its long history of serving our customers by launching new and innovative products, expanding its role as a leader, and continuing to provide high quality financial solutions that are backed by a trusted, well-recognized brand name and strong financial performance.
International growth is critical to our company’s future success.
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When it comes to America’s infrastructure, however much we spend never appears to be enough.
On one level at least, that’s understandable. If you’ve ever been frustrated by flight delays, or if you’ve ever taken your life in your hands on Interstate 95 — the East Coast ‘dodge-em’ track judged to be among America’s most dangerous highways — you’ll agree with those who want to boost spending significantly.
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