The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in response to the financial crisis of 2008, added new regulations and new regulators for some—but not all—of the institutions whose actions led to the crisis. Over the next several days, we’ll be taking a look at each of the major groups of contributors to the economic crisis, who the major players were, what political influence they brought to bear on Congress and regulators, how Dodd-Frank intends to regulate them, and, using our new Dodd-Frank Meeting Logs tool, what rules these groups are trying to influence as ...
Continue readingLobbyists 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 readingAgencies slow to provide new data required by Dodd-Frank
One year after passing Dodd Frank Financial reform, much of the work of reforming America’s financial system still lies ahead. This is not too surprising considering the sheer size of the legislation. The law created 243 rules and requires agencies to produce 67 studies, according to Harvard Law School Forum on Corporate Governance and Financial Regulation. One-hundred-twenty-two deadlines are due between July 16 and July 21.
The law also requires agencies to make new data from disclosures filed by financial firms public, but to do so agencies must overcome obstacles such as lack of funding and limited bureaucratic capacity ...
Continue readingTop financial regulators meets with industry leaders, lobbyists
Elizabeth Warren, who has been charged with setting up the new Consumer Financial Protection Bureau, reported more meetings with individuals outside the government in December than any other Treasury official working on implementation of the Dodd-Frank financial law.
Warren, who also played an advisory role to the bank bailout oversight committee, reported 15 such meetings with a total of 204 different individuals representing a wide range of interests, from Brian Moynihan, CEO of Bank of America, to representatives of financial trade associations, to those from a long list of consumer groups, such as Consumer Federation of America and the Center ...
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