Consumer Watchdog Says Wall Street Spent Millions To Influence Financial Reform Outcome

0 Shares

Consumer Watchdog says Wall Street spent millions to influence financial reform outcome As the financial reform bill makes its way through Congress and the tug of war continues between the proponents and opponents of greater regulation, a nonpartisan consumer advocacy organization has released a report that details the Washington lobbying efforts of the financial industry.

According to the report, the Senate Banking committee members received $41 million in contributions since 2005, and representatives of Wall Street banks and investment firms spent $336 million lobbying Congress in the first three quarters of 2009.

Those who received the highest contributions during 2005-2009 included Democratic Senator Chris Dodd of Connecticut ($9 million), while the top grossing Republican was Senator Bob Corker of Tennessee, who netted more than $2.5 million.

Among the biggest contributors were the American Bankers Association ($1.26 million), Citigroup and Morgan Stanley, both of which donated more than $400,000.

The report also found that contributors in particular opposed the creation of The Consumer Financial Protection Agency (CFPA), preferring the authority to remain with the current regulators who failed to prevent abuses such as predatory mortgage lending that led to the near-economic collapse, according to Consumer Watchdog.

"To ordinary voters, this flood of dollars looks like Wall Street buying votes," said Carmen Balber, Washington director for organization.

"The fate of an independent consumer regulator is a test of whether politicians will rise above financial industry influence to enact meaningful regulatory reform that directly aids ordinary Americans," she concluded.
ADNFCR-1961-ID-19598914-ADNFCR

Personal Liberty

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.