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WSJ: Prudential close to shedding federal oversight; shares +1.3%

Published 10/12/2018, 05:16 PM
© Reuters.  WSJ: Prudential close to shedding federal oversight; shares +1.3%
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  • Regulators may vote as soon as next week on removing federal oversight from Prudential Financial (NYSE:PRU) -- the last remaining nonbank firm with the "systemically important financial institution" designation, The Wall Street Journal notes.
  • That wouldn't be a surprise move, as it's been expected at some point since the beginning of the Trump administration. As recently as 2016, four nonbank firms were SIFI designated (AIG, GE Capital and MetLife (NYSE:MET) have since been removed).
  • PRU is up 1.3% after hours.
  • The Financial Stability Oversight Council's Tuesday agenda has a closed-door discussion of “an update on the annual re-evaluation of the designation of a nonbank financial company" which must be Prudential (LON:PRU).
  • Nine of the council's 10 voting members are Trump appointees.
  • Now read: AXA Delivering On Its Pledges, And The Market Is Starting To Notice


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