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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In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.
House Financial Services Committee Chair Maxine Waters (D-CA) proposed amendments to the Community Reinvestment Act in an effort to (i) end modern-day redlining, (ii) root out discrimination in the banking system and (iii) close the gaps in racial wealth and homeownership.
Over 70 Democratic congressional representatives urged banking regulators to finalize amendments to rules implementing the Community Reinvestment Act to "finally end the discriminatory practice of redlining."
The U.S. House Financial Services Committee heard testimony from the CEOs of U.S. global systemically important banks on "trends and developments in the industry since the 2008 global financial crisis."