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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWant a New Law? If You’re the Banking Industry, Just Write It Yourself
via truthdig:
Want a New Law? If Youre the Banking Industry, Just Write It Yourself
Posted on Oct 30, 2013
The folks at MapLight, which traces the connections between money and policy, have a disturbingly clear report this week tracking the role the banking industry played in pushing a measure the House is considering that would water down a section of the Dodd-Frank Act covering how banks operate.
In fact, pushing understates it. According to The New York Times, the law was largely written by Citigroups banking lobbyistswhich is like letting the fox tell you which chickens he wants to steal. The Times notes:
In a sign of Wall Streets resurgent influence in Washington, Citigroups recommendations were reflected in more than 70 lines of the House committees 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 Streets other battle being waged against regulators who are drafting detailed rules allowing them to enforce the law.
That article ran in May. This week, MapLight reports ahead of the vote that the banking industry and other supporters gave $22.4 million in campaign contributions while labor unions and consumer groups opposing the measure donated $3.9 million. The biggest benefactor? Speaker of the House John Boehner, who received $917,500 in contributions from the bills supporters. Boehner, of course, is the keeper of the switch deciding which legislation gets to the floor for a vote. .....................(more)
The complete piece is at: http://www.truthdig.com/eartotheground/item/want_a_new_law_if_youre_the_banking_industry_just_write_it_yourself
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Want a New Law? If You’re the Banking Industry, Just Write It Yourself (Original Post)
marmar
Oct 2013
OP
xchrom
(108,903 posts)1. i've been following this story and it's just infuriating.
i think it was something like 70 dems joined repukes in this vote.
Oilwellian
(12,647 posts)2. Remember when Durbin said...
the banks own the Senate? This Bill will probably sail through both houses. The question is, will Obama sign it?
leftstreet
(36,107 posts)3. DURec