Since 2010 when President Obama signed the Dodd-Frank Act into law, the Financial Stability Oversight Council (FSOC) has had the authority to designate non-banks such as insurance companies as systemically important financial institutions, or SIFIs. But as, Bob Dylan sings, “The times, they are a changin.”

A President Trump, along with Republican control of Congress, creates opportunities to bring rationality to the dramatic mis-regulation of the financial sector embodied in Dodd-Frank.  The financial services sector does not need overregulation or under regulation. It needs right regulation. The stakes are high because a SIFI designation raises serious issues with a firm’s position in the marketplace and the types of requirements that would be imposed on it.