| March 30
March 30 A Republican member of the Senate
Banking Committee said on Thursday that he was "frustrated" that
the Trump administration had not yet dropped the government's
case against Metlife Inc, an insurer challenging its
"too big to fail" designation.
Senator Pat Toomey of Pennsylvania said slow action by the
administration could entrench regulations pursued by former U.S.
president Barack Obama. In particular, Toomey said he was
surprised that the White House had not yet dropped the
government's appeal in the MetLife case.
The Financial Stability Oversight Council, which is now
headed by Treasury Secretary Steven Mnuchin, is fighting MetLife
over the Obama administration's decision that the company, as a
critical part of the financial system, requires stricter
MetLife challenged its designation and last year won an
initial ruling that the government panel erred in giving it that
label. But the Obama administration appealed that ruling, and
the new team Trump put in place has not yet moved to scrap that
appeal, which is still pending.
"I remain disappointed and a little frustrated that we
haven’t dropped that appeal, because as we know, that decision
by the D.C. Circuit Court could be out at any time," he said at
the Capital Markets Summit hosted by the U.S. Chamber of
Toomey and other Republican members of the Senate committee
sent a letter on Tuesday to Mnuchin, urging the Financial
Stability Oversight Council to review its designation
The Treasury Department did not have an immediate response
to Toomey's criticism.
Toomey also said Republicans would probably have to pursue
significant changes to Dodd-Frank through a controversial budget
reconciliation process because there would not be enough support
from Democrats to allow a revamp of the Wall Street reform law,
which was enacted after the 2008 financial crisis, to pass the
Senate under normal rules.
Specifically, Toomey said he wanted to use that approach to
restructure the Consumer Financial Protection Bureau, replacing
the director with a bipartisan commission and placing its budget
under the control of congressional appropriators.
(Reporting by Pete Schroeder; Editing by Lisa Von Ahn)