GE asks US to drop "systemically important" tag for Capital

Staff Writer
Columbus CEO

NEW YORK (AP) — General Electric is asking the U.S. to drop the "too big to fail" tag for GE Capital.

The company has shed billions in financial assets as it returns to its industrial roots.

GE Capital was labeled as "systemically important" by the Financial Stability Oversight Council following the financial collapse of 2008, when a number of financial institutions were deemed to be so big and entwined with the U.S. financial system that they could threaten the entire economy if they failed.

General Electric said Thursday that its capital unit is much smaller and that it no longer requires such burdensome oversight.

The request comes a day after MetLife, the largest U.S. insurance company, had the same designation tossed out by a federal judge.