(Bloomberg) -- The head of the U.S. Treasury Department’s financial research arm defended a report on asset managers that was criticized by the industry as flawed and inadequate.

Richard Berner, director of the Treasury’s Office of Financial Research, said the September study didn’t evaluate individual firms and “alone could not be used as the basis” for subjecting any asset managers to Federal Reserve oversight. Berner’s remarks were made in testimony prepared for a Senate Banking panel hearing today and were posted on the committee’s website.

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