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Fink Says Federal Regulatory Process Needs Transparency 

July 16, 2014
Mary Childs, Bloomberg

BlackRock Inc. (BLK)’s Laurence D. Fink, chief executive officer of the world’s biggest money manager, said the regulatory process for identifying systemic risks in the financial markets needs to be more transparent.

“Honestly, there’s no dialogue at all,” Fink said today in a telephone interview. “We don’t how how that process is going and unfortunately we learn it through innuendos and leaks.”

BlackRock, which manages $4.6 trillion in client assets, and Fidelity Investments are among money managers that are trying to avoid the label of systemically important financial institutions, or SIFI. Under the U.S. Dodd-Frank Act, Fink said, asset managers can’t interact with the Financial Stability Oversight Council, which decides which companies pose the biggest risks to the financial system, unless they identify the conversations as lobbying.

Read More: Bloomberg

 
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