No Proof SIFI Label Prompted Asset Sales: Treasury's Lew

WASHINGTON — Treasury Secretary Jack Lew cast doubt Tuesday on whether recent moves by large nonbank firms to sell assets were driven by a desire to shed their regulatory label of "systemically important."

The Financial Stability Oversight Council, which Lew chairs, makes designations of systemically important financial institutions. While the label opens those firms up to tougher regulation, the companies can attempt to get the designation removed.