Brian Deese, who until Dec. 18 led sustainable investing at BlackRock, is Biden’s pick to lead the White House National Economic Council. In 2014, Fink met three times with Jeff Zients, then the director of President Obama’s National Economic Council and now slated to take on the role of coronavirus czar in the Biden administration. In late 2013, news leaked that the FSOC was reviewing BlackRock and Fidelity, another asset manager, as it studied the issue. BlackRock’s main position has been that instead of targeting individual firms, regulators ought to review potentially risky activities in a sector, such as exchange-traded funds. In her new role, Yellen could try to rescind the guidance and push the FSOC to increase its scrutiny of non-bank financial firms.

Source: Washington Post January 02, 2021 21:33 UTC