Compositions containing 3,5-L-T2 ((2S)-2-amino-3-[4-(4-hydroxyphenoxy)-3,5-diiodophenyl]propanoic acid) and methods for use thereof. Among other functions presented herein, 3,5-L-T2 can lower cholesterol via a mechanism that is independent of LDL receptor function. Disclosed compositions may include one or more additional active agents, such as, but not limited to, thyroid hormones other than 3,5-L-T2, cholesterol lowering agents, anti-diabetes agents, anti-hypertensives, vasodilators, inotropic agents, anti-coagulants, anti-anginals, anti-arrhythmics, leptin, leptin analogues, and adipokines, a vitamin and mineral composition. Disclosed methods include, but are not limited to, methods for treating hypercholesterolemia in a subject, and methods for treating at least one of metabolic syndrome, hypothyroidism, or thyroid suppression.