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Big financial interests chip away at Dodd Frank regulations

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Today the House plans to take up two industry-backed bills dealing with derivatives, the hitherto opaque financial instruments so crucial to the 2008 meltdown, under a procedure usually reserved for noncontroversial matters.

coalition of labor and consumer groups, Americans for Financial Reform (AFR), believes the bills, which have bipartisan support, should be controversial and is urging lawmakers to oppose them. "Both proposed bills are unnecessary and potentially harmful attempts to micromanage the work of regulators in implementing the Dodd-Frank Act," the groups argued. "They amplify the views of the regulated industries which already have overwhelmingly greater resources to intervene ...

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2Day in #OpenGov 3/23/2012

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Here is the week's last look at transparency-related news items, congressional committee hearings, transparency-related bills introduced in Congress, and transparency-related events. News Roundup:

Access to Information
  • The U.S. Chamber of Commerce, long the lone major conservative outside group in congressional elections, is facing stiff competition from right-leaning super PACs this year. In response, the Chamber is planning to spend more than ever on the 2012 elections. (Politico)
  • A new PAC, fueled by the power of Reddit, crowdsourced its major issues. Test PAC, which has raised almost $10,000 so far, is going to focus on campaign finance reform and defeating Rep. Lamar Smith (R-TX), champion of the controversial SOPA legislation. (Roll Call)
Government
  • The General Services Administration is losing a member of its Office of Congressional and Intergovernmental Affairs to Heather Podesta + Partners. Patrice Willoughby, formerly GSA's liaison to the House of Representatives, was approached by Heather Podesta about making the move. (National Journal)
  • Federal agencies are taking different paths towards utilizing digital technology to reduce FOIA backlogs. There are several efforts underway, but officials acknowledged that they could be "harmonized". (Next Gov)
  • Civic groups are pressuring New York State officials to adopt an open government "to-do" list, hoping to improve the way the state makes use of technology to make information more accessible to the public. (Tech President)
International
  • A discussion in Mexico City focused on progress, challenges, and opportunities around transparency issues in Latin America. Representatives from Latin American countries that are scheduled to present their OGP action plans in April participated. (Global Integrity)

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Health care lobbying groups head to the Supreme Court

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US Supreme CourtIf war is politics by other means, so is litigation. While there will be plenty of rhetoric today about President Obama's health care law on the second anniversary of its signing -- including a new op-ed by Republican presidential candidate Mitt Romney, who was for the health care reform in Massachusetts before he was against it nationally --  the big battle begins Monday, when the Supreme Court opens an unusual three days of argument over the constitutionality of the Patient Protection and Affordable Care Act.

In many respects, the mega-case -- a compilation of six separate cases that have been wending through ...

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Banking money fuels senators who want to slow down Volcker

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The six senators who introduced legislation Thursday to slow down implementation of the "Volcker rule," designed to prohibit banks from profiting from trading on their own accounts, are the recipients of ample amounts of campaign cash from the financial industry.

Three Democrats and three Republicans are cosponsoring the effort to push back the effective date of a rule that has provoked bitter complaints from the banking industry. The Dodd-Frank law mandated that it go into effect July 21, the second anniversary of the financial regulatory overhaul. More than 17,000 comments have flooded into federal financial agencies. The proposed legislation ...

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