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Financial Reform: Lobbyists Fret, Call Some Proposals 'Crazy' 'Draconian,' 'Insanely Unproductive'

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Some industry lobbyists, bracing for significant setbacks in the Senate, already are pinning their hopes on the House-Senate conference process, where differences between the bill and the House version would be worked out. In a twist of fate, some say they'll be looking to Rep. Barney Frank (D-Mass.), chief architect of the House bill and a sharp critic of banking excesses, to restore what they call rational discussion.

"I think some of this stuff is going to get totally irrational," said one of many lobbyists who spoke on the condition of anonymity to discuss the situation more freely.

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