(Bloomberg) — Prudential Financial Inc., the second-largest U.S. life insurer, was designated systemically important in a 7 to 2 vote, the Financial Stability Oversight Council said today.
Edward DeMarco, acting director of the Federal Housing Finance Agency, and Roy Woodall, a former Kentucky insurance regulator, opposed the designation, the council said in a document explaining the vote. The council, led by Treasury Secretary Jacob J. Lew, initially proposed Prudential’s designation in June by the same margin. The insurer challenged the decision, prompting this week’s affirmation.
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