General electric's capital financing arm has asked the US government to stop designating it as a "systemically important financial institution" now that it has less influence on the economy. Being a SIFI - or in effect dubbed "too big to fail" - can require a firm to hold more capital and come under stricter oversight. GE Capital made the request a day after a US federal judge struck down the designation of insurer metlife as a SIFI. MetLife sued after it was designated systemically important in 2014. That has opened the door for other non-banks to try and unshackle themselves from the SIFI designation. As well as GE Capital, insurers Prudential Financial and AIG could benefit, as could asset managers like BlackRock, Fidelity Investments and Vanguard.
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