U.S. regulators lift strict oversight of Prudential

A group of federal regulators has lifted the strict government oversight imposed on big insurer Prudential Financial Inc. It was the last financial company still carrying the label that subjected it to special restrictions stemming from the 2008 financial crisis.

The decision by the Financial Stability Oversight Council closed the books on its actions tagging selected big financial companies as potential threats. It was the latest example in the Trump administration’s push to unwind Obama-era regulatory requirements aimed at averting another financial meltdown.

The council tagged Prudential in 2013 as a “systemically important” institution, one so big and interconnected that it would threaten the financial system’s stability if it collapsed. The action put Prudential under special supervision by the Federal Reserve.

Marcy Gordon, The Associated Press

Marcy Gordon is a reporter with The Associated Press,  an American not-for-profit news agency headquartered in New York City and founded in 1846.