BlackRock Stares Down FDIC Just Before Deadline Over Bank Stakes

Bloomberg06:00

(Bloomberg) -- BlackRock Inc. is resisting the Federal Deposit Insurance Corp.’s demands that the world’s largest asset manager submit to new oversight of its stakes in US banks, seeking to delay ...

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Some lawmakers and regulators have warned that the growing scale of these firms allows too much influence over public companies, a view that money managers reject by citing their voting records in","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00BVYPNW00.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0742537680.HKD":"FIDELITY GLOBAL DIVIDEND \"A \" (HKD) INC","LU1481011671.HKD":"FIDELITY GLOBAL DIVIDEND \"A\" (HKDHDG) INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","BK4581":"高盛持仓","LU1481011911.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USDHDG) INC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","BK4504":"桥水持仓","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","BK4135":"资产管理与托管银行","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","IE00B42XCP33.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) INC","IE00B3PB1722.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00BGHQF631.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) ACC","BK4585":"ETF&股票定投概念","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","BK4534":"瑞士信贷持仓","LU0731783394.SGD":"Fidelity Global Dividend A-MINCOME(G)-SGD","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1599440770.SGD":"FIDELITY GLOBAL DIVIDEND \"A\" (SGDHDG) INC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","BK4535":"淡马锡持仓","BLK":"贝莱德","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","LU0731783048.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) INC MONTHLY (G)","LU1509826696.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) INC B"},"translate_title":"贝莱德在银行股份截止日期前盯着FDIC","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLK":1,"US7Y.BOND":0.9,"US10Y.BOND":0.9,"US12M.BOND":0.9,"US2Y.BOND":0.9,"US30Y.BOND":0.9,"US3Y.BOND":0.9,"US5Y.BOND":0.9,"US6M.BOND":0.9},"content_text":"(Bloomberg) -- BlackRock Inc. is resisting the Federal Deposit Insurance Corp.’s demands that the world’s largest asset manager submit to new oversight of its stakes in US banks, seeking to delay negotiations into the Trump administration.\nThe FDIC had set a Jan. 10 deadline for BlackRock to sign an agreement. But in a letter to the agency, the company asked for an extension until at least March 31, saying it had only two weeks to review a proposed pact that risks hurting its ability to serve clients.\n“We are not aware of any imminent or ongoing issues that would warrant hastening the finalization of a completely new regulatory framework in a two-week period,” Ben Tecmire, head of US regulatory affairs at BlackRock, said in the letter obtained by Bloomberg News.\nBlackRock has opposed FDIC efforts over the past year that seek to keep large asset managers from potentially swaying banks in which they have sizable stakes. It has argued that the plan would upend index funds that dominate many investor portfolios, make it more costly for banks to raise capital and disrupt the economy.\nThe company said it already has a similar “passivity agreement” in place with the Federal Reserve.\nFDIC board members Jonathan McKernan, a Republican, and Rohit Chopra, a Democrat and director of the Consumer Financial Protection Bureau, have pushed repeatedly for more oversight of the index fund giants, arguing that their size and concentrated ownership could give firms undue influence over the management and strategy of US banks.\nBlackRock’s agreement with the FDIC was expected to be similar to Vanguard’s pact announced in late December. \nIn 2019, Vanguard committed to a “passivity agreement” when its funds held more than 10% of the outstanding shares of certain banks. But the latest agreement is more expansive, requiring external and internal audits to verify that Vanguard is not seeking to influence the management or control the board of directors of a lender. It also would cover a broader group of banks. \nThat agreement doesn’t cover the largest lenders, which fall under the Federal Reserve.\nIndustry trade groups and BlackRock have said that existing oversight, including by the Fed, already provides assurance that index funds are acting passively rather than exercising control of banks. BlackRock has said the FDIC should coordinate any new scrutiny with the Fed, which already has a passivity agreement in place with the firm. \nAt the end of September, the asset manager had almost $7.8 trillion in exchange-traded funds and index funds. \nBlackRock, Vanguard Group and State Street Corp. are regularly among the top shareholders in publicly traded US companies, and their index funds’ popularity has boosted their stock ownership, including in banks. Some lawmakers and regulators have warned that the growing scale of these firms allows too much influence over public companies, a view that money managers reject by citing their voting records in support of company management in most situations.\nIn October, BlackRock called on the FDIC to withdraw a proposed rule on asset managers’ stakes in lenders, arguing it presented “significant risks” and could upend how index funds are managed and make it more expensive for banks to raise capital. Less buying interest in bank stocks might hurt the liquidity of their shares and push down their prices, the firm said.\n©2025 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2502073613"}