The Federal Reserve on Monday issued a final plan to apply new regulations to General Electric Capital Corp., agreeing to apply its rules in two phases as the company sells off parts of its sprawling business.
GE’s financial arm was one of four non-banking companies that U.S. financial regulators deemed a systemically important financial institution (SIFI), a designation that comes with tougher and more costly rules enforced by the Fed to buffer the financial system should the firm collapse.
GE announced in April that it was going to sell most of GE Capital and has said it would apply to have its so called non-bank “SIFI” designation removed.
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