Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Angry Dad Shoots Daughter's Laptop ... after she criticized her parents on Facebook »

Senators Swarmed by Lobbyists Fighting Finance Overhaul

Regulating derivatives could cost the banks billions

By Emily Rauhala,  Newser User

Posted Apr 20, 2010 8:54 AM CDT
Email

(Newser) – Proponents of greater financial regulation are facing fierce opposition from a swarm of lobbyists, lawyers, and bankers who have descended on the Senate committee whose chair, Blanche Lincoln, introduced the bill to overhaul the derivatives market. It's not the finance but the agriculture committee, the New York Times reports, and more than 1500 Wall Street-types have already made calls, protesting that the bill will cost them—to the tune of "a couple billion dollars," JPMorgan's CEO tells the Times.

Among them they've dropped more than $22 million on committee members in this election cycle—more than double the last. Team Wall Street is being joined by lobbyists for manufacturers, airlines, and other industries that use derivatives to control their business and currency costs, the Times explains. Financial firms have done some major fundraising for Lincoln, but she may be a tough sell: “The people of Arkansas never again want to have to foot the bill for what happens on Wall Street,” she says.

Sen. Blanche Lincoln will do battle against the banks on financial regulation.
Sen. Blanche Lincoln will do battle against the banks on financial regulation.   (AP Photo/Danny Johnston, File)
The banks are sending a 'swarm' of lobbyists to stop the crack-down on derivatives.
The banks are sending a 'swarm' of lobbyists to stop the crack-down on derivatives.   (AP Photo/Ron Edmonds)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
4%
0%
4%
14%
68%
11%
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Showing 3 of 15 comments
Snowleopard
Apr 20, 2010 5:47 PM CDT
and this is what's wrong with washington.
davomax
Apr 20, 2010 2:59 PM CDT
Wall street crashes. Keep doing the same shit and expecting a different outcome. Has congress even read a remedial history book?
BlahBlahBlah
Apr 20, 2010 2:55 PM CDT
Lobbyists are the single biggest problem with Washington and the legislative process.

 
Wall Street • derivatives market • JPMorgan Chase • Jamie Dimon • financial reform • Blanche Lincoln • Senate Agriculture Committee

More Newser Stories

SEC Letting Big Banks Skirt Fraud Penalties

Global Bank Rules 'Anti-US': JPMorgan CEO

JPMorgan CEO Gets 1500% Raise

Banks Expected to Dole Out Dividends Again

Democrats Hammer GOP on Wall Street Ties
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne