While the Egyptian uprising earlier this year saw the ousting of long time leader Hosni Mubarak and ignited a mass movement across the Middle East, the regime change has not translated to a different approach to U.S. policy. Lobbying records filed by the hired guns of the Egyptian government show a seamless transition from promoting the Mubarak regime to the transitional military rule, seeking funds for Egypt and then asking for a reduction in Egypt’s debt burden.
Lobbying records filed by the Livingston Group show that they lobbied the U.S. federal government and military command on these ...
Continue readingLobbyist cash flows to Warner, possible Super Committee member
Creation of the “super committee” has been met with mixed reactions in Congress. While several members have called for its immediate repeal, others have balked at the idea of serving on it. Sen. Mark Warner, D-Va., however, has said he would “love” to serve on the bicameral, bipartisan committee charged with addressing the country's debt problems.
Warner, former governor of Virginia, was elected to the U.S. Senate in 2008, and during the short time in the upper chamber has demonstrated an impressive fundraising ability. In all, he has brought in more than $27 million, of which more than ...
Special interests lobby on the debt ceiling
As Congress and the White House continue to search for a mechanism to raise the debt ceiling (the Senate "gang of six" have offered a new plan to end the deadlock), some of the biggest spending-special interests in the country are weighing in on the issue, according to a search of new lobbying disclosure records that are being released today.
So far, at least 141 lobbying entities have cited the term "debt ceiling" in lobbying disclosure forms filed, a search of filings from the House and Senate websites show, compared to just three in the first quarter of the year ...
Lobbyists swarm agencies as Dodd-Frank is implemented
Throughout the last Congress, which adopted far-reaching reforms of the financial sector through the Dodd-Frank Wall Street Reform and Consumer Protection Act, there were an average of 577 clients lobbying on issues related to the act. Eventually some 1,172 clients—including banks, ratings agencies, investment banks, securities firms and a host of other interests with a stake in the legislation—listed Dodd-Frank or related issues on their lobbying disclosure forms. And in 2011, lobbyists for some 488 clients are still lobbying on the bill, according to the most recent data from the Center for Responsive Politics.
The number of ...
Bills designed to alter or repeal Dodd-Frank
When Republicans took over the House after the mid-term elections in 2010, one of the first things on the agenda for some members was to alter or repeal the sweeping financial reform passed by the previous Congress.
In the year that has passed since H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, was signed into law, there have been at least 12 bills proposed to alter or remove provisions from the law, with two of those bills proposing to repeal the legislation altogether. Rep. Michelle Bachmann, R-Minn., introduced the first of the two bills—H.R ...
Continue readingGoldman Sachs, financial firms flood agencies to influence financial law, new Dodd-Frank tracker shows
Investment bank Goldman Sachs, one of the major players in the crisis that led to the economic meltdown of 2008, has had more meetings with government officials about the implementation of the law intended to reform the financial system than any other company or organization, an analysis of nearly a year’s worth of financial agency meeting logs shows.
The Sunlight Foundation Reporting Group has made those logs--published by five separate federal agencies--available in one location in and easy-to-search format, updated to include the most current information on contacts between officials and private interests seeking to influence federal regulators.
Agency ...
Continue readingDodd-Frank: Will the bill overturn decades of industry influence?
The financial crisis had several authors--federal policies that opened the door to predatory mortgage lending, unregulated financial products, integrated firms that borrowed heavily from one another to invest in the "sure bet" of mortgage-backed securities, and hedge funds and insurers that sought to profit by mitigating risk through complex financial instruments. In the aftermath of the crisis, Congress passed and President Obama signed on July 21, 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act to set new safeguards for the public, to rein in financial firms, to ensure oversight of new types of financial instruments, and to ...
Continue readingLobbyists pay millions to honor Congress, executive branch
Last year, four of the country’s biggest military contractors paid $100,000 or more to become top sponsors of a black tie charity gala that honored the influential former chair of the House Armed Services Committee, Rep. Ike Skelton, D-Mo.
In exchange for that gift, some of the company's top executives were placed at Skelton's table and all were given the chance to address the V.I.P. crowd that included many top military officials. The event benefited a charity for families of fallen soldiers.
This kind of lavish corporate spending on galas bestowing awards on executive ...
Continue readingSome lobbyists’ gifts to lawmakers’ pet causes remain in the dark
In the past two years, JPMorgan Chase and Bank of America have donated tens of thousands of dollars to a Florida nonprofit where congresswoman Corrine Brown, D-Fla., serves on the board of directors. Yet JPMorgan disclosed this contribution in a lobbying report while Bank of America did not.
There is nothing illegal about the bank’s non-reporting, experts and the megabank say. That’s because disclosure of Bank of America’s gifts—since they came from the bank’s charitable foundation—are not mandated under a law that requires all lobbying entities to report their honorary contributions to the secretary ...
Continue readingLobbyists move into unlimited money territory
Jeffery Scott Bensing, a registered lobbyist and former Chief of Staff to Sen. John Ensign, R-Nev., filed paperwork in January with the Federal Election Commission to create the Freedom Path Action Network, a new independent expenditure only committee.These committees--also known as Super PACs because they can raise unlimited funds from any source and spend it to support or oppose federal candidates--played critical roles in some races in the 2010 mid-term elections.
Through his firm, SB Strategic Consulting, Bensing's represents a small group of clients from varying industries including the online travel site Expedia.com. On behalf of these ...
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