In New Congress, Wall St. Pushes to Undermine Dodd-Frank Reform
Put it up for stand-alone vote, get some Democrats on it, and then when you push it onto a must-pass bill, say it’s a bipartisan bill that’s already passed,” said Marcus Stanley, policy director of Americans for Financial Reform, which favors tighter regulation of Wall Street. “The strategy on Dodd-Frank is death by a thousand cuts.”
.. The current efforts to undermine Dodd-Frank have been textbook lobbying. In the first three quarters of last year, the securities and investment industry spent nearly $74 million on lobbying — on 704 registered lobbyists — according to the Center for Responsive Politics. That was on track to easily beat out the $99 million spent in 2013.
.. As of Nov. 16, Wall Street banks and other financial interests had spent $1.2 billion on campaign contributions and lobbying combined, a total that was on track to beat spending in 2010, when Dodd-Frank was being considered in Congress, according to Americans for Financial Reform.
.. For all its sway in Washington, Wall Street is also widely reviled. So, one of the secrets to its success is wrapping itself around a friendlier cause. Lobbyists have contended that measures long sought by the biggest banks and investment houses are actually for community banks, small businesses, farmers and ranchers.