BlackRock Emerges as Wall Street Player in Biden Administration


BlackRock Emerges as Wall Street Player in Biden Administration

Wall Street bankers, and in particular those from Goldman Sachs Group Inc., have long held senior positions in the White House. Under President-elect Joe Biden, such roles are going to executives of BlackRock Inc.

A former Goldman executive held the Treasury secretary post in three of the last four administrations, but the firm is absent so far from the White House this time. Instead, two executives who have worked at asset-management giant BlackRock will be the senior Wall Street representatives.

Mr. Biden is expected this week to name BlackRock’s head of sustainable investing, Brian Deese, to run the National Economic Council, said people familiar with the matter. Adewale “Wally” Adeyemo, a former chief of staff to BlackRock’s chief executive, was named Tuesday to be the No. 2 at the Treasury Department.

“By picking folks with deep ties to large asset managers, the administration can help assuage financial executives’ concerns. It sends a clear signal to the industry to breathe easier: They can plan for stability without likely facing massive new regulatory or tax risks,” said Tyler Gellasch, executive director of investor trade group Healthy Markets Association.

Some progressives and investor advocates worry that the naming of any finance executives could result in looser regulatory scrutiny on big money managers.


Source link