NEW YORK — General Electric’s slimmed down financing arm shed its "too big to fail" designation on Wednesday, no longer deemed by the US government "systemically important" and so liable to wreck the economy in the event it runs into distress.The move by the US’s Financial Stability Oversight Council was the first time a nonbanking firm has been freed from the designation, a product of the financial crash that can trigger stricter oversight and requirements to hold more capital.It was a big victory for GE CEO Jeffrey Immelt, who since April 2015 has reached agreements to unload about $180bon worth of GE Capital businesses to lessen the industrial conglomerate’s exposure to the finance sector and shed the designation.The oversight council, made up of all the heads of the major US regulatory agencies, voted unanimously to remove the label it put on GE Capital in 2013, according to the US Treasury.One member was recused."The council will remove a designation when that company no longer...
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