The Financial Stability Oversight Council unanimously voted Tuesday to designate American International Group and GE Capital as systemically important financial institutions, the first nonbanks to be named to that category.
"The council has taken a decisive step to address threats to U.S. financial stability and create a safer and more resilient financial system," said Treasury Secretary Jacob Lew, chairman of the 10-member interagency council, in a press release. "These designations will help protect the financial system and broader economy from the types of risks that contributed to the financial crisis."
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