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Old 05-26-2013, 08:21 AM
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Banks’ Lobbyists Help in Drafting Financial Bills

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Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves.

One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.

In a sign of Wall Street’s resurgent influence in Washington, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)

The lobbying campaign shows how, three years after Congress passed the most comprehensive overhaul of regulation since the Depression, Wall Street is finding Washington a friendlier place.

The cordial relations now include a growing number of Democrats in both the House and the Senate, whose support the banks need if they want to roll back parts of the 2010 financial overhaul, known as Dodd-Frank.

This legislative push is a second front, with Wall Street’s other battle being waged against regulators who are drafting detailed rules allowing them to enforce the law.

And as its lobbying campaign steps up, the financial industry has doubled its already considerable giving to political causes. The lawmakers who this month supported the bills championed by Wall Street received twice as much in contributions from financial institutions compared with those who opposed them, according to an analysis of campaign finance records performed by MapLight, a nonprofit group.

In recent weeks, Wall Street groups also held fund-raisers for lawmakers who co-sponsored the bills. At one dinner Wednesday night, corporate executives and lobbyists paid up to $2,500 to dine in a private room of a Greek restaurant just blocks from the Capitol with Representative Sean Patrick Maloney, Democrat of New York, a co-sponsor of the bill championed by Citigroup.
http://dealbook.nytimes.com/2013/05/...nancial-bills/

What does it tell you?
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Old 05-26-2013, 10:46 AM
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The large organizations spend a great deal of money to get the best lobbyists that money can buy....

And probably why our congress is the best money can buy....)
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Old 05-26-2013, 10:56 AM
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Originally Posted by Jim Gillum View Post
The large organizations spend a great deal of money to get the best lobbyists that money can buy....

And probably why our congress is the best money can buy....)
If it is the case, how the Congress can protect the people interests if they are in conflict with lobbyists interests? Do they usurp their authorities given by the people votes for the lobbyists interests and their own?

No wonder why the people are upset...
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Old 05-26-2013, 11:01 AM
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IF....
look at the history of congress protecting the public .......non-existent.....

Billions went to bail out business....the common person benefited very little...

New music...same old song...
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Old 05-26-2013, 11:11 AM
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Originally Posted by Jim Gillum View Post
IF....
look at the history of congress protecting the public .......non-existent.....

Billions went to bail out business....the common person benefited very little...

New music...same old song...
I should have remove If but I was concerned about judging too much with my experience in US.

New music same old song everywhere in the world. Interesting that it is the same pattern everywhere, but people are tired of the same old song, and it doesn't matter which new music they are playing
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