U.S. regulators have declared insurer MetLife to be so big that its failure could destabilize financial markets, a designation that brings extra regulation.
MetLife said in a statement Thursday announcing the designation that it was disappointed by the decision, made by the U.S. Financial Stability Oversight Council, and was considering whether to take the regulators to court over it.
The determination “will harm competition, lead to higher prices and less choice for consumers and ultimately could result in less financial protection for middle-class families,” MetLife said.
Congress created the risk council in the 2010 Dodd-Frank law and assigned it to watch for threats to financial stability. The heads of all major federal financial regulatory agencies sit on the council, and Treasury Secretary Jack Lew leads it.