September 29, 2017 / 10:13 PM / a year ago

U.S. regulatory council votes to remove AIG's systemically risky label

WASHINGTON, Sept 29 (Reuters) - A panel of top U.S. financial regulators voted on Friday to remove stricter regulatory oversight from American International Group, determining the insurance giant is no longer critical to the health of the global financial system.

The decision by the Financial Stability Oversight Council (FSOC) means AIG - which received a $182 billion U.S. government bailout during the 2007-09 global financial crisis - no longer needs to adhere to a stricter regulatory regime, including holding extra capital.

“The Council has worked diligently to thoroughly reevaluate whether AIG poses a risk to financial stability,” said Treasury Secretary Steven Mnuchin.

“This action demonstrates our commitment to act decisively to remove any designation if a company does not pose a threat to financial stability.” (Reporting by Michelle Price; Editing by Cynthia Osterman)

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