Senate Banking Committee Republicans expressed concern as to the rising influence of the "Big Three" asset managers - BlackRock, State Street and Vanguard - on corporate America through the voting power resulting from their ownership of index funds.
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The Federal Reserve Board revised the interest rate paid on balances held by Federal Reserve Banks or eligible institutions.
The Federal Reserve Board adopted amendments to the reserve requirements for depository institutions to (i) create a new single "interest on reserve balances" rate and (ii) simplify the formula for payment of interest on balances.
A Federal Reserve Board final rule to "lower reserve requirement ratios on transaction accounts maintained at depository institutions to zero percent" was published in the Federal Register.
The Federal Reserve Board amended regulations to “lower reserve requirement ratios on transaction accounts maintained at depository institutions to zero percent.” The FRB also proposed amendments to (i) create a new single "interest on reserve balances" rate and (ii) simplify the formula for payment of interest on balances.