'Too big to fail' Prudential said to plot escape from federal watchdog's oversight

Washington

PRUDENTIAL Financial Inc is laying the groundwork to escape the government's label that it's too big to fail, a move that would dramatically reduce federal oversight of the largest US life insurer.

Prudential is preparing to push a federal watchdog - the Financial Stability Oversight Council (FSOC) - to remove it from a list of non-banks that regulators concluded would threaten the financial system if they collapsed, said two people familiar with the company's plans.