Prudential Financial Contests SIFI Designation

Prudential Financial Inc (NYSE:PRU) in its 8-K filing, contested the Financial Stability Oversight Council move to designate is as systematically important. The No. 2 U.S. life insurer received notice of a proposed determination by the FSOC that the company should be subject to stricter prudential regulatory standards and supervision by the Board of Governors of the Federal Reserve System. Prudential Financial Inc (NYSE:PRU) requested a hearing to explain why it shouldn’t be tagged a systemically important financial institution, or SIFI. The Dodd-Frank act allowed the Treasury Department’s FSOC to designate non-bank firms for extra oversight. This is intended to avoid…