WASHINGTON – U.S. Senator Kevin Cramer (R-ND) questioned Federal Reserve Chairman Jay Powell during a Senate Banking Committee hearing today about the investment firm BlackRock’s involvement in helping the Federal Reserve provide CARES Act assistance. BlackRock has a history of supporting extremist environmental policies and Chinese companies which ignore US financial regulations.
“In light of the deference BlackRock appears to provide the Chinese Communist Party and radical environmental activist investors, should we be concerned about BlackRock’s role in providing CARES Act assistance?” asked Senator Cramer.
“Senator, there is no reason for you to be concerned,” responded Chairman Powell. “They play an administrative role. We set all the policy decisions, and our facilities lend only to US companies.”
Senator Cramer with Senator Martha McSally (R-AZ) wrote a letter to BlackRock CEO Larry Fink yesterday asking him to explain BlackRock’s support for Chinese companies which ignore US financial regulations and its hostility toward domestic energy producers.