The designation was created by the 2010 Dodd-Frank overhaul of financial regulations. Such firms are subject to tougher oversight by the
"Consistent with its mandate, the council remains focused on protecting the broader economy from the types of risk that contributed to the financial crisis," he said.
FOR THE RECORD
The panel was created by Dodd-Frank to look for emerging risks in hopes of avoiding a repeat the 2008 financial crisis.
In 2012, the council designated Prudential Financial Inc.,
The company has 30 days to seek judicial review of the decision and said it "will carefully review the designation rationale as it considers its next steps."