Later today, the FSOC will consider the fate of the remaining two designated SIFIs: Prudential and AIG. Odds are that both giant insurers will be de-designated after prolonged closed-door battles – and a good thing too. In the seven years since Dodd-Drank followed the global lead to demand non-bank SIFI designations, it is widely and correctly understood that simply sewing a scarlet “S” on one or another conspicuously large company solves for little with regard to systemic risk. However, ending designation does nothing to address underlying systemic risk outside the banking system – and there’s even more of that in 2017 than ten years ago. So, celebrate de-designating AIG and Prudential in concert with MetLife, but watch your back.