This Thursday, one year after the president signed a sweeping new financial reform bill into law, the Senate Banking Committee will ask tough questions of regulators in charge of making it real. And Sunlight will cover it live.
President Barack Obama signed the Dodd-Frank Act (officially the “Dodd–Frank Wall Street Reform and Consumer Protection Act”) into law on July 21, 2010. The final bill made massive changes to how the financial industry is overseen, in response to a devestating fiscal crisis that stemmed in large part, experts agree, from recklessness in the financial sector.
The Sunlight Foundation Reporting Group ...
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 readingControversy heats up over Medicare cost-cutting board
The fight over who will be in charge of keeping Medicare costs in line heated up this week as two House committees held contentious hearings on the subject. Opponents of the Independent Payment Advisory Board (IPAB), a 15-member panel appointed by the president and authorized to cut Medicare spending when it rises above a certain level, say such decisions should be left to Congress.
The board was created as part of last year's health care reform overhaul, and is expressly forbidden from "rationing" care, raising premiums or reducing benefits. Savings would likely come from lowering payments to doctors or ...
Continue readingSunlight Live to cover Rematch of the Elizabeth Warren Hearing
If you didn't get your fill of fireworks on July 4, then be sure to tune in to a Capitol Hill fireworks display set for July 14. That's when Elizabeth Warren returns to Capitol Hill to defend her Consumer Financial Protection Bureau (CFPB) in front of the House Oversight and Government Reform Committee.
A little more than month ago, Warren encountered a tough interrogation by committee member Rep. Patrick McHenry, R-N.C., when the congressman accused Warren of misleading the committee. The contentious hearing turned nasty when the two got into an argument about Warren's schedule.
Thursday ...
Continue readingSharron Angle’s campaign committee is biggest contributor to her Super PAC
A Super PAC launched by former U.S. Senate candidate Sharron Angle reported nearly $13,000 in contributions for the first six months of the year, with more than half -- $7,500 -- coming from Angle's campaign committee.
The $7,500 contribution was the only itemized receipt listed on the group's mid-year report, meaning that the rest -- about $5,440 -- came from donors who have contributed less than $200 so far this year.
While Super PACs, or independent-expenditure-only committees, are prohibited from contributing to federal candidates and committees, there is no rule against candidates or committees giving money 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 ...
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