WASHINGTON—The Trump administration took another major step on Wednesday toward softening the regulatory burdens faced by big financial firms, finding that mega insurer Prudential Financial no longer requires strict federal oversight. A group of federal regulators has lifted the strict government oversight imposed on big insurer Prudential Financial Inc. ( DOUGLAS C. PIZAC / AP )"We are pleased with this decision, which affirms our long-standing belief that Prudential never met the standard for" additional government oversight, Prudential said in a statement. The law called for tougher oversight of not just traditional banks but all financial firms that could pose a threat to the economy. The Obama administration designated four such companies, including Prudential, as a "systemically important financial institution" subject to greater government oversight. Meanwhile, some Democrats and consumer groups say that the financial industry needs more oversight, not less.

Source: thestar October 17, 2018 18:33 UTC