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May 29, 2014

Miller Says ‘Certainly an Option’ Not to Designate Asset Firms

Mary Miller, the U.S. Treasury Department’s undersecretary for domestic finance, said regulators could eventually decide against naming any asset managers systemically important.

“’That’s certainly an option,’ Miller said in an interview with Bloomberg Television today. ‘We have to determine are there risks, and if there is a determination that there are risks, then you have to think about what are the remedies. Is it presented by an individual firm, by the industry as a whole, or perhaps by certain activities that asset managers engage in.’

The Financial Stability Oversight Council, a group of regulators led by Treasury Secretary Jacob J. Lew, is holding a public conference today on the asset management industry.

Miller and executives from BlackRock Inc., the world’s largest money manager, and bond firm Pacific Investment Management Co. will speak during the sessions at the Treasury Department in Washington. Billionaire Ken Griffin, chief executive officer of hedge fund Citadel Advisors LLC, also will participate.”

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Read full Bloomberg article here

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