Posted on 05/26/2013 7:19:05 AM PDT by SeekAndFind
In a stunning sign of the political resurgence of bankers, Wall Street lobbyists not only have the ear of lawmakers, they have their pens as well.
Rather than leaving it to members of Congress to draft legislation that softens financial regulations, bank lobbyists are helping to write it themselves, emails reviewed by The New York Times show. One bill that sailed through the House Financial Services Committee this month was essentially written by lobbyists for giant Citigroup.
After the House committee drafted a bill that would force regulators to exempt trades of certain types of derivative trading from the new Dodd-Frank regulations, corporate lawyers like Michael Bopp weighed in with their suggested changes, The New York Times’ Eric Lipton and Ben Protess write. “At one point, when a House aide sent a potential compromise to Mr. Bopp, he replied with additional tweaks.”
Banking lobbyists made 70 lines worth of recommendations for the House committee’s 85-line bill; two paragraphs prepared by the bank were copied word for word. The bill sailed through the House committee on May 7 and is now pending before both the Senate and the House.
(Excerpt) Read more at thefiscaltimes.com ...
Bills are written on K Street (in Washington DC for those not familiar with lobbies).
The proper terminology for this is “the big-government/big-corporate criminal complex.”
Grover Norquist has office on K Street. Financial terms of Sharia are INTERESTING !!??? K Street to Wall Street. Beware !
Every industry and political group drafts bills for Congress, not just bankers. This is why being a Congress critter is so easy. Others do you work, and you don’t even have to read the bills before you vote for them.
Utter leftwing nonsense. It's big government that controls Wall Street.
Wall St + D.C. = Club members only
Best example - the amnesty bill is written by the Wall Street folks and the Chamber of Commerce.
I remember learning in school how difficult is was to write a bill.
I figured that obomacare was written by lawyers hired by insurance lobbys.
if a law is written with no, or too little knowledge of how some matter of a business works, regulation is not improved, enforcing regulation is not improved, the law is less transparent, more opague, more prone to interpretation pro-and-con, when it comes to operating by the regulation
this goes with any area of business
so, if you think you have the right to mess with my business just ‘cause you want to run my business to meet your social agenda, then yes, as citizens with the right of redress, we want to see that the law actually knows what in the ^&%$# it’s talking about, so that when the regulator comes knocking on the door we will be as clear as the regulator on the intent and the letter of the law/reg
“lobbying” - translation: the legal right to petition government over affairs of yours that government wants to control; something every citizen and every organization formed by the citizens has a right to do
yes; the big banks ARE too big; and yes they are not operating responsibly to the long term financial interests of us all; neither is Obama, the Fed and many others
however, they - corporations, and their lobyists are not the problem
the Dodd-Frank law - which some are now trying to “reform” piecemeal, in this case IS the problem
much of it was unessential and none of it prevents “too big to fail”; much if it went after perceived issues that were not in fact core issues; just ‘cause people had made so much money in those areas in the run up to 2008
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