MetLife Statement on House Passage of Financial CHOICE Act
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.
“Last year, a federal court rescinded MetLife’s SIFI designation, ruling that FSOC’s designation process was ‘fatally flawed.’
While MetLife is no longer a SIFI, only the repeal of FSOC’s designation authority will provide the permanent fix that is
needed.
“If insurance companies engage in activities that pose a risk to the financial system, primary regulators should target those
activities directly. An activities-based approach is a better way to address systemic risk. Regulating companies appropriately –
not excessively – is critical to fueling robust economic growth and creating jobs.”
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the largest life insurance companies
in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management.
Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in
the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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MetLife
Randy Clerihue, 212-578-5061
or
MetLife
Chris Stern, 202-974-5477
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