U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after a federal judge struck down the designation of MetLife as a “systemically important financial institution” (SIFI).

“Yesterday’s decision provides evidence to a point I have long believed: the designations of systemically important financial institutions are, in some cases, without merit and based not on actual risk posed to the U.S. financial system. This ruling justifies the importance of the Systemic Risk Designation Improvement Act, bipartisan legislation I introduced that would require FSOC to designate based on the actual risk a bank holding company poses to the financial system, rather than looking at asset size alone. For too long, bureaucrats in Washington have made arbitrary decisions that limit the availability of financial products. Dodd-Frank, billed as the solution to all of our nation’s woes, has harmed consumers and the economy, not protected them. The time of the Obama Administration and the regulators it controls should be spent evaluating for and eliminating actual financial risks instead of using misguided authority to gain more control over Americans’ wallets.”