To prevent another financial meltdown like the one that took place in September 2008, where banking institutions required bailouts from the federal government, a list of “systemically important financial institutions was developed,” or SIFIs. Like other companies on the SIFI list, such as Goldman Sachs and Bank of America, GE has been under Federal Reserve scrutiny since the list, created by the Financial Stability Board, was approved at the Seoul, Korea G20 Summit.
By selling off its lending division last year, GE relinquished half its financial business profits and feels it no longer should have to abide by the requirements of the Board.
The remnants of GE Capital, the company’s finance arm, are “smaller, simpler and less interconnected with the U.S. financial system,” the company said, and the unit “does not pose any conceivable threat to U.S. financial stability.”
If approved, GE’s financial arm would no longer be tagged as “too big to fail.”
Yesterday, MetLife won a similar court ruling, escaping the need to be under tough federal scrutiny.
“A federal judge in Washington struck down the designation on Wednesday in a decision that could shake up the financial regulatory reform implemented following the 2008 recession,” Bloomberg reported. “The ruling might give ammunition to Republican lawmakers who’ve argued that regulators have abused their authority under the Dodd-Frank Act.”
If GE also wins, we can expect an avalanche of new filings by financial and insurance institutions.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
