The big picture: This is the continuation of a long-running theme on Wall Street. Institutional investors, retail investors, high net-worth individuals and even some endowments and pension funds are consistently moving away from asset managers and into low-fee passive strategies.
Ocasio-Cortez reportedly set to join Financial Services Committee
Rep. Alexandria Ocasio-Cortez (D-N.Y.) has been recommended for a seat on the House Financial Services Committee, a panel led by Rep. Maxine Waters (D-Calif) that provides oversight to and sets policies for lenders, U.S. banks and the financial markets, Bloomberg reports.
Why it matters: Ocasio-Cortez, a Democratic-Socialist, refuses to accept corporate campaign donations and has called for the biggest banks to be broken up. Financial firms will likely come under increased scrutiny under the watch of Waters, Ocasio-Cortez and other progressive Democrats expected to be named to the committee, including freshmen Reps. Katie Porter (D-Calif.), Rashida Tlaib (D-Mich.) and 2020 presidential candidate Tulsi Gabbard (D-Hawaii), per Bloomberg.