McKernan Presses for Active Review of Asset-Manager Passivity

FDIC Director McKernan today reiterated his prior recommendation that the banking agencies review the stakes of large asset managers in banking organizations to ensure that they are truly passive.  Mr. McKernan is a former staffer for retired-Sen. Toomey (R-PA), who raised this concern towards the end of 2021 out of fears that asset-management ESG demands are unduly influencing banks.