NEW YORK (AP) -- Insurer Prudential says it will protest a government proposal that would put the company under stricter regulatory oversight.
Prudential Financial Inc. says it asked for nonpublic hearings before the Financial Stability Oversight Council. Prudential says the council will schedule a hearing within 30 days and will make a decision on its status within 60 days of the hearing.
In June the council proposed that a group of firms that aren't banks be subject to stricter regulatory oversight because they are potential threats to the financial system. Prudential, insurer American International Group Inc. and General Electric Co.'s finance arm GE Capital said they are among the firms.
In an emailed statement, GE said it will not question its designation. "We have been prepared for this expected designation. We have strong capital and liquidity positions and we are already supervised by the Fed. Accordingly, we have decided not to appeal or ask for a hearing," said the statement provided by a GE spokesman.
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