MetLife objects to SIFI designation by FSOC

"As we have said many times, singling out two large life insurance companies for SIFI designation will harm competition, lead to higher prices and less choice for consumers, and ultimately could result in less financial protection for middle-class families – who need it the most," MetLife says in its statement. "FSOC has a superior regulatory tool at its disposal if necessary – an approach based on identifying and regulating activities that pose systemic risk irrespective of the size or type of entity that engages in them.

"FSOC has already embraced this activities-based approach for the asset management industry but has rejected it for the life insurance industry," MetLife adds. "Under the Dodd-Frank Act, MetLife now has 30 days to seek judicial review of FSOC's decision. The company will carefully review the designation rationale as it considers its next steps."

A U.S. Treasury Department spokesperson separately issued the following statement:

"Consistent with the Council's interpretive guidance, any vote on a final designation is generally announced to the public the following business day, to allow the company to prepare any public disclosures and communications."