12.12.18
Wall Street Urgently Pushes Its DC Wish List as Time Runs Out
by: Elizabeth Dexheimer
With less than two weeks for Congress to cut a deal to fund federal agencies, financial firms and their allies on Capitol Hill are trying to attach friendly amendments to must-pass legislation. Federated Investors, for one, is pushing for reversal of a rule that lets share prices for the riskiest money market funds float instead of maintaining a stable $1 value. Federated's effort is backed by Senator Pat Toomey and Representative Keith Rothfus, both Pennsylvania Republicans. Asset managers like BlackRock and Fidelity, meanwhile, want lawmakers to tweak rules for how companies come to be designated as “too big to fail," seeking a safeguard against a future administration with regulators less business-friendly than Trump's appointees. The firms are continuing to push for the label to be based on whether specific activities are risky instead of the size of the institution.
Read the full article on Bloomberg