MetLife, Inc. (NYSE: MET) Chairman, President and CEO Steven A. Kandarian issued the following statement today on passage of the Financial CHOICE Act by the U.S. House of Representatives:
“The Financial CHOICE Act is an important step toward the permanent removal of the authority of the Financial Stability Oversight Council (FSOC) to designate non-bank insurance companies as Systemically Important Financial Institutions (SIFIs).
“Singling out a few large insurance companies for redundant regulation harms competition, leads to higher prices and less financial protection for consumers, and fails to make the financial system safer. The life insurance industry is already subject to a strong and proven state regulatory system with capital rules designed to address risks associated with the insurance business model.”
Click here to read the full statement.