Taking its strongest stand so far against the global and U.S. post-crisis framework, the latest U.S. Treasury report sees little to like in the asset-management regime. Arguing forcefully that asset management is not the “shadow-bank” charter characterized in global rules, Treasury is firmly against any entity designations in this sector – a position that of course makes still less likely any U.S. SIFI designations for large asset managers. Indeed, Treasury’s stand is likely to forestall future global action addressing asset management absent renewed sector stress.
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