(Bloomberg) -- Federal Reserve Chair Janet Yellen and other U.S. officials should push global regulators away from designating individual asset managers and investment funds systemically important, the industry’s lobby group said.

The Financial Stability Board, a group of international regulators that makes recommendations to the Group of 20 nations, plans to identify too-big-to-fail investment funds that could face stricter oversight. Asset managers including BlackRock and Vanguard argue that the FSB is focusing too much on size and say its proposal wouldn’t reduce risk to the financial system.

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