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AFR Statement: Regulators were wrong to remove AIG from list of systemically important financial companies

Submitted by on September 30, 2017 – 5:41 pm
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“AIG is smaller today than when it received the biggest taxpayer bailout in US history,” said AFR Policy Director Marcus Stanley. “But it’s still a $500 billion company and the fourth largest U.S. insurer, with plenty of business in risky investment products like variable annuities. Now that it has been de-designated and removed from special government oversight, AIG will immediately pursue additional growth and take on new risks. The financial crisis demonstrated that purely state-level oversight cannot fully address the potential systemic risks of our largest insurance companies. It was an ill-considered and reckless decision to remove AIG’s designation as a systemically significant financial institution.”