Insurance Giant AIG May Be First Non-Bank To Be Regulated Under Wall Street Reform Law

Insurance giant American International Group (AIG) — which was at the center of the financial crisis in 2008 and received hundreds of billions of taxpayer dollars in a series of bailouts — announced that it is the first non-bank to be considered for regulation under the Dodd-Frank Wall Street reform law of 2010. Dodd-Frank allows regulators to identify certain non-banks as “systemically significant,” and therefore subject to heightened regulation, if they pose a systemic threat to the U.S. economy.