A disclosure provision in the financial reform law is providing an unusual window into how special interests lobby federal regulators for special relief. “Relax that rule or you’ll put us out of business.” “If you do that, we won’t be able to compete with foreign companies.” “To level the playing field, you should exempt us, or do fill-in-the-blank.” Goldman Sachs, Citicorp, other banks, hedge funds, and Wall Street operations are spending millions to cajole regulators at several agencies after losing the same arguments in the Congressional debates and last-minute negotiations that produced the far-reaching federal financial reform law. These firms prevailed so easily with the TARP bailout, and they enjoy so many government benefits, the notion of putting the public’s interest first is apparently quite shocking. The disclosure reports show that lobbyists for consumer interests are seriously outnumbered; more than 90% of the groups described in the meeting logs of regulators are related to banks, brokerage firms and others in the financial service sector. Apparently unhappy with the response of regulators, these same firms are now courting the new Republican leaders in Congress for special relief, i.e., a “corrections bill” to “peel back” reform. After all, Wall Street snubbed the Democrats and put a lot of money into the GOP winners’ campaigns; they expect a return on the investment.
1-888-OUR-VOTE|info@democracy-nc.org
The Onion recently reported that the American people were hiring a lobbyist to represent their interests. Sounds like a good idea to me.
You’d make an awesome lobbyist for the people, Leo:
http://www.theonion.com/articles/american-people-hire-highpowered-lobbyist-to-push,18204/
I would also like him to look into labor unions as being destructive to our way of life. Their policies and generous pensions are making us bankrupt, as well as making our products and services non competetive.