The Financial Stability Oversight Council approved the attached resolution by 

notational vote on June 28, 2016, with nine members voting in favor of the 

resolution and none opposed. The Chair of the Securities and Exchange

Commission recused herself from the vote.

The basis for the Council’s rescission of its determination is available 

at www.fsoc.gov. 
1

RESOLUTION REGARDING REEVALUATION OF DETERMINATION

REGARDING GE CAPITAL GLOBAL HOLDINGS, LLC

WHEREAS, section 113 of the Dodd-Frank Wall Street Reform and Consumer 

Protection Act (the “DFA”) authorizes the Financial Stability Oversight Council 

(the “Council”) to determine that a nonbank financial company shall be supervised 

by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) 

and shall be subject to enhanced prudential standards if the Council determines that 

material financial distress at the nonbank financial company, or the nature, scope, 

size, scale, concentration, interconnectedness, or mix of the activities of the 

nonbank financial company, could pose a threat to the financial stability of the 

United States; and 

WHEREAS, section 113(d) of the DFA requires the Council not less frequently 

than annually to reevaluate each determination regarding a nonbank financial 

company under section 113 and rescind any such determination if the Council 

determines that the nonbank financial company no longer meets the standards for a 

determination under section 113; and 

WHEREAS, the Council issued a final rule and accompanying interpretive 

guidance (the “Rule and Guidance”), codified at 12 C.F.R. Part 1310, and adopted 
2

supplemental procedures on February 4, 2015, that describe the processes and 

procedures by which the Council will reevaluate each currently effective 

determination; and

WHEREAS, on July 8, 2013, the Council made a final determination, in 

accordance with the DFA and the Rule and Guidance, that General Electric Capital 

Corporation (“GECC”) shall be supervised by the Federal Reserve and shall be 

subject to enhanced prudential standards under the DFA; and

WHEREAS, as part of a corporate reorganization completed on December 3, 2015, 

GECC merged with and into its parent, General Electric Company, and GE Capital 

Global Holdings, LLC (“GE Capital”) succeeded to and became subject to the 

Council’s determination regarding GECC; and

WHEREAS, in connection with the Council’s reevaluation of its determination 

regarding GE Capital, the Council provided GE Capital an opportunity to submit 

written materials to the Council to contest the Council’s determination and to meet 

with the staffs of the Council Members and their Agencies; and 
3

WHEREAS, GE Capital submitted materials to the Council and met with the staffs

of the Council Members and their Agencies in connection with the Council’s 

reevaluation of its determination regarding GE Capital; and

WHEREAS, the Council has considered a broad range of information available 

through existing public and regulatory sources, as well as information submitted to 

the Council by GE Capital; and

WHEREAS, based on the reevaluation of the Council’s determination regarding 

GE Capital, the staffs of the Council Members and their Agencies concluded that 

fundamental changes in the business of GE Capital since the Council’s 

determination have significantly reduced the potential for the negative effects of 

material financial distress at GE Capital to be transmitted to the financial system 

and recommend that the Council rescind its determination regarding GE Capital; 

and 

WHEREAS, the members of the Council have considered the issues and the record 

in connection with the following actions.
4

NOW, THEREFORE, BE IT RESOLVED, that, based on the information, 

considerations, and analysis set forth in the attached “Basis for the Financial 

Stability Oversight Council’s Rescission of its Final Determination regarding GE 

Capital Global Holdings, LLC” (the “Basis”), and on a review of the 

administrative record, the Council hereby determines that GE Capital no longer 

meets the standards for a determination under section 113 of the DFA and hereby 

rescinds its determination, pursuant to section 113 of the DFA, that material 

financial distress at GE Capital could pose a threat to the financial stability of the 

United States and that GE Capital shall be supervised by the Federal Reserve and 

shall be subject to prudential standards, in accordance with Title I of the DFA.

BE IT FURTHER RESOLVED, that the Council has considered and hereby 

approves the attached “Notice and Explanation of the Basis for the Financial 

Stability Oversight Council’s Recession of its Determination Regarding GE 

Capital” (the “Notice”) and authorizes the Notice to be sent to GE Capital.

BE IT FURTHER RESOLVED, that the Council hereby approves the Basis and 

authorizes the Basis to be released to the public.
5

BE IT FURTHER RESOLVED, that the Council hereby delegates authority to the 

Chairperson, or his designee, to make technical, nonsubstantive, or conforming 

changes to the text of the Notice and the Basis.
ATTACHMENTS

[The basis for the Council’s rescission of its determination is available 

at www.fsoc.gov.]