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 U.S. House Committee on Financial Services marked up and passed bills on special purpose acquisition companies, broker-dealer and investment adviser mandatory arbitration clauses in customer agreements, and hiring practices.
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.
Financial Stability Board Chair Randal K. Quarles identified nonbank financial intermediation, money market funds and cross-border payments as the FSB's priority areas for 2021.