GE Capital (GE) Will Not Appeal SIFI Decision by Treasury
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(Updated - July 2, 2013 3:03 PM EDT)
General Electric's (NYSE: GE) finance unit, GE Capital, said it will not fight a decision by the U.S. Treasury that it poses a potential risk to the economy.
Russ Wilkerson told Bloomberg today, "We have decided not to appeal or ask for a hearing...GE Capital is safe and secure. We have been and will be prepared to meet the requirements."
The Financial Stability Oversight Council deemed this designation systemically important financial institutions (SIFIs), which came about from the Dodd-Frank Wall Street Reform and Consumer Protection Act. The designation requires the Federal Reserve to become the overall regulator of a firm and companies have to submit an annual business stress test.
GE Capital holds more assets than all but six of the largest U.S. banks.
GE shares are down 1.5 percent Tuesday.
General Electric's (NYSE: GE) finance unit, GE Capital, said it will not fight a decision by the U.S. Treasury that it poses a potential risk to the economy.
Russ Wilkerson told Bloomberg today, "We have decided not to appeal or ask for a hearing...GE Capital is safe and secure. We have been and will be prepared to meet the requirements."
The Financial Stability Oversight Council deemed this designation systemically important financial institutions (SIFIs), which came about from the Dodd-Frank Wall Street Reform and Consumer Protection Act. The designation requires the Federal Reserve to become the overall regulator of a firm and companies have to submit an annual business stress test.
GE Capital holds more assets than all but six of the largest U.S. banks.
GE shares are down 1.5 percent Tuesday.
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