Daily News: July 11, 2013

WSJ: GE Capital, AIG Designated ‘Systemically Important’

The Wall Street Journal reported that members of the Financial Stability Oversight Council voted unanimously to designate GE Capital and American International Group as “systemically important.”

The Journal said the two companies became the first nonbank financial firms to be brought in for greater oversight, higher capital requirements and other new rules under a key provision of the 2010 Dodd-Frank financial law.

To read the full Wall Street Journal article (subscription required) click here.

To read the Treasury Department’s news release click here.