The government argued its process was fair and a collapse by the insurer, with its many financial ties, products and contracts, would indeed hurt the financial system. It said it was open with the company during a 17-month process that included a meeting with the full council.

At the same time, criticism of the council has mounted in the financial sector and on Capitol Hill, where Republicans say regulators should operate more openly. Securities and Exchange Commissioner Michael Piwowar, also a Republican, has blasted the council, saying it should be renamed the "Firing Squad On Capitalism."

 

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