Trump Deregulation Effort Faces Big Test

Donald Trump meant many things to many voters, but for some, he was the deregulation candidate. He could validate that reputation if he acts soon on a regulatory dispute involving insurance giant MetLife. But he can’t wait too long.

In 2014, the Obama administration’s Financial Stability Oversight Council branded MetLife a too-big-to-fail enterprise, officially a “systemically important financial institution.” This designation placed the company under the regulatory regime of the 2010 Dodd-Frank Act, whose provisions were primarily aimed at the banking industry in an effort to decrease systemic threats to the financial markets.

MetLife challenged the label in January 2015, filing a lawsuit in the U.S. District Court for the District of Columbia. The company argued the classification was improper for a number of reasons. First, it felt that it was targeted due to its size and not the business activities it was engaged in.

MetLife also said that the

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