Already This Year, $100 Million Spent on Lobbying by Financial Sector

August 2, 2011

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.

“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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