ory ▁o vers ight ▁is ▁not ▁up ▁to ▁F SB / IA IS , ▁but ▁up ▁to ▁individual ▁juris dict ions . ▁ ▁When ▁Met Life — the ▁United ▁States ’ s ▁largest ▁life ▁ins urer — was ▁designated ▁as ▁a ▁system ically ▁important ▁institution ▁in ▁late ▁ 2 0 1 4 ▁by ▁the ▁Fin an cial ▁St ability ▁O vers ight ▁Council ▁( F SO C ) ▁which ▁had ▁been ▁established ▁by ▁the ▁D odd - Fran k ▁Act , ▁they ▁challeng ed ▁the ▁design ation ▁as ▁" ar bitr ary ▁and ▁cap r icious " ▁in ▁federal ▁court ▁and ▁won . ▁In ▁April ▁ 2 0 1 6 ▁when ▁judge ▁Ros em ary ▁Col ly er , ▁found ▁in ▁favor ▁of ▁Met life ▁in ▁a ▁federal ▁district ▁court ▁decision , ▁the ▁value ▁of ▁Met Life ▁stock s ▁rose ▁sharp ly . ▁On ▁January ▁ 2 3 , ▁ 2 0 1 8 ▁a ▁panel ▁of ▁jud ges ▁on ▁the ▁US ▁Court ▁of ▁App e als ▁dropped ▁the ▁appeal ▁after ▁the ▁Fin an cial ▁St ability ▁O vers ight ▁Council ▁dropped ▁the ▁appeal ▁at ▁the ▁request ▁of ▁the ▁Trump ▁administration . ▁ ▁Amer icas ▁ ▁The ▁U . S . ▁government ▁legisl ation ▁defines ▁the ▁term ▁financial ▁market ▁util ities ▁( FM U ) ▁for ▁other ▁organizations ▁that ▁play ▁a ▁key ▁part ▁in ▁financial ▁mark ets ▁such ▁as ▁clear ing ▁houses ▁settlement ▁systems . ▁ ▁They ▁are ▁entities ▁whose ▁failure ▁or ▁dis ruption ▁could ▁threaten ▁the ▁stability ▁of ▁the ▁financial ▁system .