Elizabeth Warren grills Janet Yellen: Why isn't BlackRock 'too big to fail?'
CNN
Senator Elizabeth Warren wants to know why the Biden administration isn't more concerned that BlackRock manages $9 trillion in assets -- more than the annual GDP of any country not named the United States or China.
At a hearing held by the Senate Banking Committee, Warren noted that the Federal Reserve began designating very large banks as "too-big-to-fail," giving them stronger oversight granted by Congress in the Dodd-Frank act. That bill, drafted in the wake of the 2008 financial crisis, created the Financial Stability Oversight Council, a regulator that can give special scrutiny to banks deemed systemically important -- at the time, those with more than $50 billion in assets. So why isn't BlackRock (BLK), which oversees 180 times that amount of assets, designated too big to fail?
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