In late 2024, the Biden administration proposed a rule under the Financial Data Transparency Act that would benefit Bloomberg LP’s anticompetitive dominance over the financial sector.
If finalized under the Trump administration, the rule would destabilize global markets by forcing market participants to switch financial instrument identifiers from the longstanding system to one created by Bloomberg LP, called the Financial Instrument Global Identifier (FIGI).
Forcing institutions to adopt Bloomberg’s identifier would impose massive compliance costs, disrupt capital markets, magnify the industry’s dependency on Bloomberg LP , and concentrate power in Michael Bloomberg’s private company by providing it with troves of new, valuable data that could enhance their own products – like Bloomberg Terminals.
In addition to Bloomberg LP lobbying the Biden administration on the issue, Michael Bloomberg contributed $19 million to a pro-Biden super PAC and a maximum $929,600 donation to Biden Victory Fund just a couple months before the Biden administration unveiled the pro-Bloomberg rule.