Martin Gruenberg, the Chair of the Federal Deposit Insurance Corp. (FDIC), will resign on January 19, just before the inauguration. In a message to agency employees, he expressed gratitude for the honor of serving at the FDIC and praised the dedicated public servants working to fulfill the agency"s vital mission.
BlackRock Inc. urged the Federal Deposit Insurance Corp. to withdraw its proposed restrictions on money managers' stakes in banks, arguing that the changes would disrupt index funds, increase capital-raising costs for banks, and create economic uncertainty. The asset manager warned of significant risks, stating the plan could deter investments in bank securities.
Citi Chair John Dugan indicated that the revised bank-capital rules, known as Basel III, are unlikely to be finalized before the next presidential inauguration. He highlighted a "fundamental stalemate" at the Federal Deposit Insurance Corp. regarding the latest version of the rules, with significant changes still pending from US regulators.
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