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- Title
The Last SIFI: The Unwise and Illegal Deregulation of Prudential Financial.
- Authors
Kress, Jeremy C.
- Abstract
On October 16, federal regulators released Prudential Financial--the last remaining systemically important nonbank financial institution--from enhanced government oversight. This Essay contends that Prudential's deregulation was both unwise and illegal. In removing Prudential's "systemically important" label, regulators (1) violated their established procedural rules, (2) relied on misleading quantitative analyses, and (3) failed to consider a mandatory statutory factor. By illegally deregulating Prudential, policymakers have now opened the financial system to the same risks it experienced in the lead-up to the financial crisis. This Essay therefore urges litigation and vigilant Congressional oversight challenging the rescission of Prudential's "systemically important" status.
- Subjects
UNITED States; DEREGULATION in the banking industry; PRUDENTIAL Financial Inc.; NONBANK financial institutions -- Law &; legislation; LEGAL procedure; LEGISLATIVE oversight; BANKING laws
- Publication
Stanford Law Review, 2018, Vol 71, p171
- ISSN
0038-9765
- Publication type
Article