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AIG: Gov't may subject firm to greater oversight
Tuesday - 10/2/2012, 10:41am EDT
AP Economics Writer
WASHINGTON (AP) - The government is considering whether American International Group is large enough to threaten the broader financial system, a designation that would subject the bailed-out insurance giant to greater federal oversight.
AIG said Monday that it has received a notice from the Financial Stability Oversight Council saying it may be designated a systemically important financial institution. If it receives the label, AIG would be regulated by the Federal Reserve and required to hold a larger capital cushion against losses.
AIG received a $185 billion government bailout, the largest provided to a single company.
The council was created by the 2010 financial regulatory overhaul.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)