Reported 4 days ago
A standoff between BlackRock and the FDIC over increased oversight of the asset manager's stakes in US banks is now extending into 2025. The FDIC is pressing BlackRock to sign a 'passivity agreement' by January 10, mirroring a deal made with Vanguard, to ensure it does not exert undue influence over FDIC-supervised banks. BlackRock has resisted these efforts, arguing that they are unnecessary, as they already have agreements with the Federal Reserve. The situation reflects growing scrutiny of BlackRock amid rising political concerns regarding its substantial influence in the financial sector.
Source: YAHOO