Federal campaign finance records show that on June 30, 2024, billionaire Michael Bloomberg cut a $19 million check to help reelect former President Joe Biden. Roughly a month later, the Biden administration proposed a regulation affecting the entire financial industry, which Bloomberg had long pushed for.

The regulation in question would establish Bloomberg LP’s Financial Instrument Global Identifier as the standard tool for the government and market participants to monitor the movement of stocks, bonds, and other assets. The adoption of FIGI by the Securities and Exchange Commission and other financial regulators would be the culmination of years of advocacy from Bloomberg LP to establish itself as an industry standard.