- Another part of the Dodd-Frank law today went under the judicial microscope as a federal judge began hearing MetLife's (MET -0.4%) lawsuit questioning its systemically important designation. A victory for the insurer could signal would undermine what many consider to be the most important part of Dodd-Frank.
- A victory for the Financial Stability Oversight Council, on the other hand, would enshrine D.C.'s power over major financial firms - power which didn't exist in anywhere close to its present form prior to the financial crisis.
- No matter the decision, it will surely be appealed by the losing side.
- Reporting on today's two-hour hearing, CTFN's Ed Roberts says Judge Rosemary Collyer appeared to be sympathetic to MetLife's arguments.