Now, Gelzinis said, “Trump administration officials have basically proposed BlackRock’s approach to financial oversight.” The rules governing BlackRock have gotten even more lax just since the pandemic began. Until recently, PNC Bank held a 22 percent share in BlackRock, making the latter subject to some of the same oversight as banks; since PNC sold those shares off at the end of May, however, those rules will
no longer apply. BlackRock will now face even less sunlight than it has before. Representatives Katie Porter and JesĂşs “Chuy” GarcĂa recently
introduced a bill attempting to rein in BlackRock and other so-called shadow banks, though it has yet to pick up much steam amid Covid-19 and an ongoing uprising for racial justice.
The investment giant casts itself as socially responsible while contributing to the climate catastrophe, evading regulatory scrutiny, and angling to influence a Biden administration.
newrepublic.com