Daily News: June 3, 2013

WSJ: GE Capital Expects ‘Systemically Important’ Designation

The Wall Street Journal reported that GE Capital CEO Mike Neal expects the finance unit to be designated “systemically important” by U.S. financial regulators when they meet on Monday, June 3 to determine which non-bank financial companies pose a risk to the U.S. financial system and merit tougher scrutiny.

“I think it’s likely,” Neal said during a presentation at a Sanford C. Bernstein conference. “We don’t know if we are going to be designated, but I would be surprised if we’re not,” the Journal quotes Neal as saying.

Regulators are considering a number of firms that could ultimately be subject to the enhanced oversight. In addition to GE Capital, most often mentioned AIG and Prudential Financial are also expected to be considered “systemically important.”

To read the Wall Street Journal report click here.