Behind Scenes, Battle for Face Time As Regulators Craft Rule's Wording (Volcker)

[sinkingfeeling]

http://online.wsj.com/article/SB10001424052970204450804576625432135278322.html

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"Financial-industry representatives met with the Treasury Department, Federal Reserve, Federal Deposit Insurance Corp., Securities and Exchange Commission or Commodity Futures Trading Commission 350 times, according to Ms. Krawiec’s analysis and meeting logs reviewed by The Wall Street Journal. Representatives of unions, consumer groups, other Volcker-rule proponents and former Fed Chairman Paul Volcker have met with the same agencies 20 times since the Dodd-Frank law passed in July 2010.

Ms. Krawiec, the Duke law professor, said the numbers show financial firms “won hands down” in terms of regulatory face time. “The meeting logs paint a picture of a very one-sided lobbying campaign, with Wall Street’s influence, information and pressure crowding out all the other voices.”

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The above quote is from "Altercation" here: http://www.thenation.com/blogs/eric-alterman. It just shows that even with petitions, public comments, OWS, etc., we're up against all-but-impossible odds. Or as Reed Richardson ended the "Altercation" article,

"Outlobbying, outspending, and outlasting—these are the advantages that Wall Street will retain if the only forces arrayed against it are the street protestors occupying Zuccotti Park and elsewhere. To affect real financial reform and reverse the growing income inequality in this country, it will take a more concerted political effort across a larger, public stage. But without a more intrepid press exposing the truth along the way, reality, I fear, will never match the headlines."