Yellen defends contentious FSOC decision on AIG
Top regulators narrowly vote to remove AIG’s designation as systemic
Janet Yellen has defended her backing for the removal of AIG from a list of systemic financial firms, after a vote on the matter split the US’s top regulators.
On September 29, the Financial Stability Oversight Council (FSOC), a 10-person forum for the heads of the US’s main regulatory bodies, voted to rescind AIG’s status, with six votes in favour and three opposed.
Securities and Exchange Committee chairman Jay Clayton was recused, and the council chose not to include his abstention in the
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