Wall Street’s aggressive spending on lobbying against Dodd-Frank shows no sign of slowing down significantly any time in the near future.
“In the second quarter alone, Wall Street spent $50.3 million on lobbying, a small dip from the prior period, according to an analysis by the Center for Responsive Politics,” reports the New York Times.
Thus far, lobbying expenditures have dropped off by about 5 percent from last year, back when lawmakers were drafting Dodd-Frank. Still, the financial industry has already shelled out more than $100 million so far this year to lobby regulators and other government officials working to implement the legislation’s new reforms, according to the New York Times. Among the biggest spenders: JPMorgan Chase at $3.3 million (up slightly from last year) and the American Banks Association at $4.6 million.
“Until it is chiseled in stone, the lobbying continues,” said Michael Beckel, a spokesman for the Center for Responsive
The New York Times reports Wall Street’s lobbying has impacted moves by the Federal Reserve.
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“In late June, the Fed softened restrictions on fees that banks charge retailers for debit card purchases, saving the financial industry an estimated $3.5 billion a year,” reports the newspaper. “Much of the wrangling over the rules has played out during closed-door meetings in Washington. Over all, regulators held more than 2,100 Dodd-Frank meetings since the law passed last July.”
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