Financial Titans Gear Up to Fight ‘Too-Big-to-Fail’ Label Threat
09/22/2023 18:00
Financial titans are preparing to do battle with the Biden administration over a plan to make it easier for Washington to deem companies too-big-to-fail, a tag that would spell greater oversight and fresh compliance headaches.
Financial titans are preparing to do battle with the Biden administration over a plan to make it easier for Washington to deem companies too-big-to-fail, a tag that would spell greater oversight and fresh compliance headaches.
US officials led by Treasury Secretary Janet Yellen are seeking to finalize by year’s end a new process for giving firms the systemically important label, according to people familiar with the matter. The Financial Stability Oversight Council under Yellen in April proposed making it easier to designate nonbank firms, drawing concerns from BlackRock Inc., Fidelity Investments, Vanguard Group Inc., and other big players in finance.
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Financial Titans Gear Up to Fight ‘Too-Big-to-Fail’ Label Threat