The Financial Stability Oversight Council, a panel of U.S. regulators, on Wednesday voted to rescind its "systemically important" designation on a unit of General Electric (GE) in a move that came after the conglomerate under the oversight of Jeffrey Immelt moved to divest over $160 billion in assets. The move represents the first time that regulators had ever moved to de-designate a financial institution from the tough regulatory requirements that came with the categorization. "Today's decision clearly demonstrates that the Council's designation of nonbank financial companies is a two-way process," said Treasury Secretary Jacob Lew.