BlackRock's Impact on U.S. Fiscal Policy

This chapter explores BlackRock's pivotal role as the world's largest asset manager in shaping U.S. fiscal policy during the COVID-19 crisis. It examines how BlackRock's operations differ from traditional banks and its strategic influence on the Federal Reserve's actions in money creation and asset purchases. The chapter highlights the complexities of financial maneuvers in the repo market, the implications of engaging with non-bank institutions, and the broader concerns regarding the concentration of power within the financial system.