No one is exactly sure what the Trump administration is going to do with the Obama administration’s decision to appeal U.S. District Court Judge Rosemary Collyer’s ruling that MetLife is not too-big-to-fail and therefore is not a threat to the nation’s entire financial system.
At this point the U.S. appeals court that is looking at the case said it will wait to make a decision on the original appeal until further notice and wants both sides — MetLife and the U.S. Department of Justice — to file their intentions by November 17th or when U.S. Treasury Secretary Steven Mnuchin issues a report on how the government should respond to non-banks that might be too-big-to-fail.
MetLife’s Christopher Stern said, “This decision provides the current administration time to determine whether any of FSOC’s positions in this case should be reconsidered and whether it is appropriate for the government to continue pressing this appeal.”
In the meantime, the public will soon be able to view the case records that Judge Collyer used to make her decision that MetLife should not have the systemically important financial institution (SIFI) designation.
A group called Better Markets asked an appeals court chief judge Merrick Garland to issue an order releasing the decision documents. Garland — as you might remember — was President Obama’s nominee for the vacant Supreme Court position. Senate Majority Leader Mitch McConnell refused to hold a hearing on his appointment.
In his ruling Garland said, “The right of public access is a fundamental element of the rule of law, important to maintaining the integrity and legitimacy of an independent judicial branch.”
Better Markets spokesman Stephen Hall agrees. “The decision is a huge victory for the American people and their right to know how our courts and agencies are protecting the public interest,” he said.
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