NEW YORK (Bloomberg) — American International Group is no longer too big to fail.

That was the ruling on Friday from the Financial Stability Oversight Council, which said AIG, whose collapse in 2008 reverberated throughout the US economy, was no longer a systemically important financial institution.

“This action demonstrates our commitment to act decisively to remove any designation if a company does not pose a threat to financial stability,” Treasury Secretary Steven Mnuchin, a member of the FSOC, said in the statement.

The risk council voted 6-3 to make the change, with Federal Reserve chairwoman Janet Yellen supporting it alongside several of the newer regulators appointed by President Donald Trump.

The decision frees the New York-based insurer from the threat of more-stringent capital rules. The firm was at the centre of the crisis, when its investing blunders led to a government bailout of $182.3 billion.

AIG repaid the rescue, turning away from its infamous derivatives portfolio that contributed to the carnage.

The ruling for AIG was a win for activist investor Carl Icahn, who has pushed for ending the designation since taking a stake in the insurer two years ago, and for Brian Duperreault, who took over as chief executive officer in May. Icahn announced his departure as a special regulatory adviser to Trump in August after questions were raised about potential conflicts of interest with his business dealings.

“The council’s decision reflects the substantial and successful de-risking that AIG’s employees have achieved since 2008,” Duperreault said in a statement.

“The company is committed to continued vigilant risk management and to working closely with our numerous regulators to enable a strong AIG to continue to serve our clients.”

AIG, which climbed about 0.7 per cent to $61.39 on Friday in New York, jumped an additional 48 cents in extended trading after the statement was released.

AIG had privately told the FSOC that it’s not a SIFI, partly because the unit with soured investments wasn’t an insurance entity, people familiar with the discussions said. Duperreault, 70, has been working to reshape the company, and said in August that AIG didn’t deserve the SIFI tag after years of slimming down.

The stance was a departure from that of former CEO Peter Hancock, Duperreault’s predecessor, who had said getting out from under the SIFI designation wasn’t among his top ten priorities.

Duperreault’s view aligned with Icahn’s, who called the regulation a “tax on size”.