NEW YORK (TheStreet) -- Metlife Inc. (MET) has reportedly moved closer to possible designation as a "systemically important financial institution," by a panel of top government officials, sources told the Wall Street Journal.
The Financial Stability Oversight Council, a panel created under the Dodd-Frank financial-system overhaul act, is expected to reveal as early as today that it has closed the evidentiary record it has been compiling on the New York insurer, the Journal said.
Treasury Secretary Jacob Lew leads the council. A spokeswoman for the U.S. Treasury declined to comment.
The closing of the record is a required step before the council can take a vote on MetLife's fate. The designation brings a firm under the thumb of the Federal Reserve and subjects it to stricter capital and other standards, which haven't been determined yet, the Journal noted.
Shares of Metlife are up 0.32% to $53.80.
TheStreet Ratings team rates METLIFE INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate METLIFE INC (MET) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, increase in stock price during the past year and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."