October 26, 2017 / 10:33 PM / a year ago

U.S. Treasury pushes back on bank-like rules for asset managers, insurers

WASHINGTON, Oct 26 (Reuters) - The U.S. Treasury on Thursday rejected the idea of singling-out specific asset management and insurance firms as systemically risky, indicating that they are unlikely to be designated as “too big to fail” and slapped with additional oversight under the administration of President Donald Trump.

The report will be cheered by the likes of BlackRock , Vanguard, Fidelity and Pimco, which have pushed back on attempts by regulators to impose bank-like "systemically risky" labels on asset managers simply because they hold trillions of dollars in assets under management.

Reporting by Michelle Price; Editing by Dan Grebler

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