Sen. Lizzie "Wampum" Warren is grandstanding again--or maybe she's dumber than a box of rocks.
A Senate panel on Covid-relief turned unexpectedly combative on Wednesday as two of the most prominent Democratic women on economic issues—Senator Elizabeth Warren of Massachusetts and Treasury Secretary Janet Yellen—clashed over whether to single out BlackRock and other big asset managers for the most stringent level of regulatory oversight.
During a Senate hearing ostensibly on the government’s economic relief efforts, Warren aggressively pushed Yellen on whether the Financial Stability Oversight Council would consider designating BlackRock as a “systemically important financial institution,” which would subject the asset manager to much stricter supervision by financial regulators...
You get the idea. Warren wants the FRB to regulate BlackRock as if it were a bank--which it simply is NOT.
We are not fans of BlackRock here, nor of the other "systemically important financial institutions" such as Chase, BoA, WellsFargo--all of which are happy to crush local banks, and all of which were bailed out by taxpayers for their malfeasance.
But BlackRock is NOT a bank.
So what's Wampum Warren up to?