April 22, 2011
The Wall Street Journal reports lobbying expenditures by Wall Street and financial firms for the first quarter of 2011 increased from this time last year, when lawmakers were actually drafting the Dodd-Frank financial reform legislation.
“The disclosures show that 26 of the financial firms and trade associations that spent the most in 2010 collectively spent $27 million in the three months ending March 31, a 2.7% increase from the $26.3 million spent in the comparable period in 2010,” the newspaper states. “The industry’s first-quarter lobbying tally is its second-highest ever, according to an analysis of data provided by the Center for Responsive Politics.”
Wells Fargo was the highest spender in Q1 2011 at $1.9 million, nearly doubling its budget from this time last year when JPMorgan Chase held the top spot. Documents reveal financial firms met extensively with officials with government groups in charge of implementing Dodd-Frnak, including representatives from the Federal Reserve, the Treasury Department, the Securities and Exchange Commission, the Commodity Futures Trading Commission and more.
“Implementation, implementation, implementation,” said Scott Talbott, a leading lobbyist for the Financial Services Roundtable with regards to the increase in expenditures. The Roundtable, which represents 100 of the most prominent U.S. financial organizations, doled out $2.5 million on lobbying in Q1.
Click here to read more on the Wall Street’s Q1 2011 lobbying spending.
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