4 votes

Bankster’s Paradise: Banks’ Lobbyists Help in Drafting Financial Bills

by Eric Lipton and Ben Protess dealbook.nytimes.com | May 23,2013

WASHINGTON — Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves.

One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.

In a sign of Wall Street’s resurgent influence in Washington, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 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.)

http://dealbook.nytimes.com/2013/05/23/banks-lobbyists-help-...

http://investmentwatchblog.com/banksters-paradise-banks-lobb...

Huffpost: Why Democrats Can't Be Trusted to Control Wall Street

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Thanks Bobby

Big + 1.
Sharing on Twitter.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15