BLK - Elizabeth Warren urges Janet Yellen to boost oversight of big asset managers

Senator Elizabeth Warren (D-MA) pressured Treasury Secretary Janet Yellen to increase federal oversight of massive asset managers like BlackRock ([[BLK]] +1.9%) in a Senate Committee hearing on Wednesday."Would potentially a $9T investment company pose some risks to the American economy if it should fail?" Warren asked Yellen. She also asked if such firms should be subject to the stricter regulations of the Financial Oversight Council.Yellen didn't commit to such an action: "It's  not obvious to me that designation is the correct tool."Rather, the FSOC will focus on activities-based regulation, such as when open-ended mutual funds saw runs during the Treasury market sell-off at the start of the pandemic, she said.The suggestion of increased regulation on the sector didn't appear to rattle investors. The Dow Jones U.S. Asset Managers Index rises 1.9% in midday (New York time) trading.Other big asset managers: Brookfield Asset Management ([[BAM]] +1.6%), Franklin Resources (i.e., Franklin-Templeton) ([[BEN]] +1.5%),

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Elizabeth Warren urges Janet Yellen to boost oversight of big asset managers