Prudential says US council proposed designating it for oversight

Reuters

Prudential Financial said on Monday it had received notice that U.S. regulators proposed declaring the firm is "systemically important," a designation that would bring stricter oversight.

Prudential said in a statement that it was considering whether to contest the proposed designation by requesting a hearing before the Financial Stability Oversight Council.

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A final designation by the council, which is composed of the heads of financial regulatory agencies, would bring the firm under regulatory oversight by the Federal Reserve.

(Reporting by Emily Stephenson; Editing by Gary Hill)