Huffpost Politics
Jason Linkins Headshot

Elected Legislators Continue To Occasionally Assist Bank Lobbyists In Drafting Legislation

Posted: Updated:
BANK LOBBYISTS DRAFT LEGISLATION
Members of the House Financial Services Committee are still playing a role in the legislative process by making sure that laws written by bank lobbyists adhere to standard English language subject-number agreement. (Photo by Mark Wilson/Getty Images) | Getty Images

Ever since the taxpayer bailout allowed Wall Street banks to procure an army of shiny new lobbyists, it's been generally understood that said lobbyists have done the lion's share of the work in drafting legislation to help undermine the effort to regulate banks, because the whole "having U.S. taxpayer wealth as a de facto asset on our balance sheet to guard against future galactic cock-ups" is pretty sweet deal, all things considered.

But it's not like your elected lawmakers aren't playing a vital role themselves in drafting this legislation. Indeed, as Dealbook notes today, they are still making substantial contributions to the effort.

Behold, leadership (emphasis mine):

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.)

There is really no compelling reason why we cannot simply replace our bicameral legislature with two burlap sacks filled with Xanaxed cockatiels.

[Would you like to follow me on Twitter? Because why not?]

Also on HuffPost:

Close
Biggest Political Hypocrites
of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction

Around the Web

Banks' Lobbyists Help in Drafting Financial Bills - NYTimes.com

Bank lobbyists writing legislation that weakens financial rules: report ...

DealBook: Banks' Lobbyists Help in Drafting Financial Bills ...

Wall Street Writes Bills, Washington Passes Them - The Fiscal Times