The U.S. Chamber and Investment Company Institute (“ICI”) filed an amicus brief in the D.C. Circuit, arguing that the court below correctly set aside FSOC’s determination that a large insurance company is a nonbank systemically important financial institution (“SIFI”) because the agency committed “fundamental violations of administrative law.” In its brief, the Chamber explained that under the Dodd-Frank Act, FSOC is required—but failed—to consider whether the company itself is vulnerable to a plausible scenario bringing about material financial distress. Further, the brief argued that the district court correctly held that FSOC abandoned its own guidance and departed from a reasoned analytical approach and that its failure to consider the consequences of the SIFI designation was contrary to law.
Steven G. Bradbury, Thomas P. Vartanian, Robert H. Ledig, and D. Brett Kohlhofer of Dechert LLP served as co-counsel for the amici in this case.
