ProPublica

Journalism in the Public Interest

Goldman, JPMorgan Lobbyists Top List of Most Visits to Regulators on FinReg

.

From left to right, Deputy Treasury Secretary Neal Wolin, Federal Reserve Board Chairman Ben Bernanke, Chairman of the Federal Deposit Insurance Corporation Sheila Bair and Chairman of the Securities and Exchange Commission Mary Schapiro testify during a hearing before the Senate banking committee on Sept. 30, 2010, in Washington, D.C. (Alex Wong/Getty Images)

Since July, financial regulators have had more than 500 meetings with lobbyists from hundreds of companies seeking to shape the interpretation and enforcement of new financial reform law, according to the Los Angeles Times.

Most groups in these meetings—more than 90 percent, according to the Times—are banks, hedge funds, and other big companies that rely on the financial industry. Many seek exemptions to the law's specific provisions that limit risky trading or increase consumer protection against bank fees, according to the Times’ examination of public disclosures from the Federal Reserve, Securities and Exchange Commission, Federal Deposit Insurance Corporation and Commodities Futures Trading Commission.

Normally these meetings would be secret, but the agencies—which are responsible for crafting the specifics of hundreds of rules as part of the overhaul—announced in August that they would report meetings with the private sector in order to bring transparency to the process. From the Times:

The names listed most frequently in the logs are Goldman Sachs, with 21 meetings with regulators, and JPMorgan Chase, with 23. Jamie Dimon, chairman and chief executive of JPMorgan, was among those in attendance when a bank contingent met Oct. 8 with Federal Deposit Insurance Corp. Chairwoman Sheila Bair, records show.

Financial executives told the Times that they are trying to educate regulators about the effects that the rules will have on their sector, and that several of the meetings were convened at the agencies’ request.

Some regulators, however, have expressed frustration with companies’ aims to water down the rules. One member of the CFTC told the Times, “I don’t think it’s a very valuable use of their time or mine, because that is not the direction we were instructed to go by Congress.”

Interested parties aren’t just limited to the financial sector. As we’ve noted, oil companies have criticized a transparency measure in the reform bill meant to crack down on bribery by requiring oil, gas and mineral companies to disclose payments to foreign governments. An oil industry trade group sat down with the SEC in September to argue that the rule “raises significant practicality and cost-benefit concerns.”

The Center for Public Integrity earlier reported a dramatic rise in the number of companies that registered lobbyists seeking to influence these specific regulatory bodies. Of the companies that lobbied over the financial reform bill from January to September this year, 138 targeted the SEC, 110 targeted the CFTC, 82 targeted the Fed, and 56 targeted the FDIC. That’s up from—respectively—37, 11, 29, and 11 over the same time period the year before. 

The meeting disclosures aren’t posted in an easily searchable format, but they’re all available online at the Fed, SEC,FDIC and CFTC websites and are worth checking out. Let us know if anything catches your eye.

Inform our investigations: Do you have information or expertise relevant to this story? Help us and journalists around the country by sharing your stories and experiences.

Having attempted to deal with Chase - JP Morgan, I can believe this shyster organization would be sucking up to government agencies. Their CEO and board of directors should be in prison.

I’ sure glad that Obummer was going to put a Stop to all that lobbying influence!

Disappointed now, just wait until the new congress is sworn in. See how many role over to curry favor within? All the politicians know that the people who voted them into office, can’t do a damn thing about who they sell out to. Just show, he who has the bull horn, controls the crowd. Will be interesting to see/hear the so called Tea Party ranks if they snivel & whine, or just bend over and spread their cheeks.

The frustration I have is seeking a way to become an activist for meaningful campaign finance reform. I am deeply grateful for the wonderful investigative work being performed by ProPublica but how to I translate this into meaningful, focused, action by myself and others? Am I wrong in asserting that much of what we read and hear are symptoms of a disease?

acmodspecialists

Nov. 15, 2010, 4:20 p.m.

More information,  its a little long but worth the info the more informed the people are the better
Bernanke animated:

http://www.youtube.com/watch?v=4ZidXgbeNG4

A Tipping-Point Majority Joined In Common Cause…

We The People For An Article-V-Convention Now!


WHO OWNS THIS COUNTRY ANYWAY?

We Do!  It’s the right of We The People to join together in an assembly on the authority of the U.S. Constitution to discuss concerns politicians and media are failing to mention.  Are you aware we’re currently being denied that constitutional right?  Despite 400+ Article V applications from all 50 states, Congress is ignoring its obligation to issue the call for the Article V Convention.  Since history began, all political reformations the world over have always come down to one thing:  a tipping-point majority joined in common cause.  If you want to help return our nation to the Constitution, the rule of law, and its founding principles, then you’ve come to the right place.


ARTICLE V CONVENTION FACTS

•  The Article V Convention is not a “constitutional convention” or Con-Con, and does not and cannot re-write the U.S. Constitution.

•  Whatever is discussed at the Article V Convention, 38 states must then agree to adopt any proposals before an amendment is ratified.

•  The Article V Convention is simply a deliberative assembly of state delegates discussing what might garner the approval from an overwhelming amount of citizens from across the political spectrum.

•  The Article V Convention is, by law, currently mandated by Article V and the U.S. Constitution.

•  The Article V Convention returns us to the U.S. Constitution and the rule of law, reviving both in the face of current institutionalized corruption.

Until we stop the flow of money from special interests, any type of reform will be BS flung at a the unthinking American public.

To Norman, re: your post about Tea party winning candidates just “spreading their cheeks”—what is it about them that makes people rag on them?!?  Most tea party candidates are more conservative and have more integrity than GOP candidates, and certainly far more than a DemocRAT!  Give them a chance.  I don’t think Rand Paul, Lt. Col. Allen West, etc. are the type to sell out.  I think they truly want to make a difference an limit gov’t.

Here is one example of the amazing transparency of the meetings:
The Sept. 22/10 meeting between two Fed members and the Western States Bankers Association was summarized in three sentences.  Quite the in depth summary too; “Several Association members expressed concerns about the impact of pending regulations on bank examinations, and they stated the importance of having consistent rules”.  Wow, 37 members from the Association made the trip to Washington and were present for the meeting and that’s the transparency they gave us!!  The rest of the time the probably just exchanged recipes, nothing important of course.

acmodspecialists

Nov. 16, 2010, 4:21 a.m.

To put in prospective the bail out perpetrated by the Fed Bernanke etc: 
Nearly 9 billion man hours were worked to pay the taxes that composed AIG’s current $183 billion bailout which flowed through to help the Banksters, such as Goldman Sucks!, Merrili Lynch Citibank, Chase etc out of their financial trouble now all of us and our children owe interest on the on the 10’s of billions of dollars that were fraudulently handed to the Banksters, for being criminals who inflated an asset bubble through virtually every type of financial fraud
Thank you president Bush, Henry Paulson, Tim Gainer, Deputy Treasury Secretary Neal Wolin, Federal Reserve Board Chairman Ben Bernanke, Chairman of the Federal Deposit Insurance Corporation Sheila Bair and Chairman of the Securities and Exchange Commission Mary Schapiro

I want to know when they are going to meet with US, the American People? When are they going to meet with the people who elected them? When are they going to stop listening to Wall Street and start acknowledging and listening to Main Street.

All I can say is that there are alot of MAD people out here, and we are NOT tea partiers.

Barbara and All…

“They” are NOT going to meet with US, the American People, ever—UNLESS we become a tipping-point majority joined in common cause.  That common cause is an Article V Amendments Convention, as mandated by Our Founders in the United States Constitution, giving “We The People…” the RIGHT to propose amendments to the Constitution.

How about an amendment for severely punishing white collar criminals like the bureaucratic button-pushers inside the Beltway; then go after the Banksters, and Wall Street—anyone who profited and served up misery on the American People.  At least that’s a start—maybe you can think of more.

Visit: http://www.ConventionUSA.org

What is abundantly clear is that this government, from top to bottom, is irretrievably stuck in neutral. And the neutralization has been caused by money, plain and simple.

We are lied to by our congressional representatives on a daily basis. The bureaucracy has grown to totally impossible, totally unmanageable, totally ineffective size. 

I seriously doubt that any real reform is possible.

Gordon Shaw

Nov. 16, 2010, 3 p.m.

Surprise, surprise, of course these bastards would and will be at the Regulators door, just as they have been in the past, never being responsible or accountable for their action, but never wanting to suffer because of their actions.
The unfortunate thing is they will corrupt the new regulations, and in about 2 years we will be looking at the same financial crap of 3 years ago.

Robert Burns and All…

Think About This:  Since history began, all political reformations the world over have always come down to one thing:  a tipping-point majority joined in common cause.  If you want to help return our nation to the Constitution, the rule of law, and its founding principles, then you’ve come to the right place.

Visit: http://www.ConventionUSA.org

I’d like to see a new law:
Lobbyists may “lobby” congressional members.  Once laws/regulations are passed on to the operating agencies, FED, SEC, FDIC etc….NO LOBBYISTS UNDER PENALTY OF MANDATORY PRISON SENTENCE ALLOWED TO LOBBY FURTHER.
That puts the responsibility squarely on Congress, the “voice” of the American people. 
Once the laws are made no agency subject to those laws can be lobbied under penalty of prison sentences.
Period.

Please join us:

The Republic of the united States of America
http://www.republicoftheunitedstates.org/

Links to just 3 of our Republics:

Republic of Arizona
http://www.republicofarizona.org/

The Restored Republic Of West Virginia
http://republicofwv.blogspot.com/

The Restored Massachusetts Republic
http://massachusettsrepublic.org/

Commenting is not available in this section entry.

Get Updates

Our Hottest Stories

  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •