MetLife, Inc. v. Financial Stability Oversight Council
- Case Date: 8/22/2016
- Project Name: Criminalization of Free Enterprise - Business Civil Liberties Program
On January 18, 2018, the federal government’s Financial Stability Oversight Council (FSOC) abandoned its efforts to designate MetLife, Inc. as a “systemically important financial institution” (SIFI)—i.e., “too big to fail—and dismissed its appeal from a district court decision overturning the SIFI designation. FSOC’s concession of defeat was a victory for WLF, which filed a brief in the U.S. Court of Appeals for the District of Columbia Circuit, urging it to affirm the district court’s decision. WLF argued that FSOC’s designation decision violated MetLife’s Fifth Amendment right to due process of law by failing to provide MetLife with a “meaningful” and fair hearing before making the designation. The result of FSOC’s designation was to subject MetLife to costly new regulations—even though the SIFI designation was created primarily for banks, not for insurance companies like MetLife. WLF’s brief was joined by the Allied Educational Foundation.
More Information and Downloads:
8/22/2016: Download the Brief
Press Release: DC Circuit Hears Oral Argument in “Too Big to Fail” Case