FSOC Appeals Metlife SIFI Decision

The Financial Stability Oversight Committee ("FSOC") submitted a brief to the United States Court of Appeals for the District of Columbia urging it to reverse a lower court's decision to remove FSOC's designation of MetLife, Inc. ("MetLife") as a nonbank financial company subject to supervision by the Federal Reserve. A number of amici curiae comprised of: (i) current and former members of Congress involved in the creation of the Dodd-Frank Act (the "Legislators"), and (ii) former Chairs of the Board of Governors of the Federal Reserve Ben Bernanke and Paul Volcker, filed briefs in support of the reversal.

In its brief, FSOC argued, among other things, that:

• FSOC conducted an analysis in the manner required by the statue and its interpretive guidance, neither of which required FSOC to estimate specific counterparty losses or to determine the likelihood that a particular company would be subject to distress;