TV News LIES

Friday, Oct 31st

Last update05:45:03 AM GMT

You are here News Congress Banks’ Lobbyists Help in Drafting Financial Bills to Soften Regulations

Banks’ Lobbyists Help in Drafting Financial Bills to Soften Regulations

E-mail Print PDF

Lobbyists draft finance billsBank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves.

One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.

In a sign of Wall Street’s resurgent influence in Washington, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)

The lobbying campaign shows how, three years after Congress passed the most comprehensive overhaul of regulation since the Depression, Wall Street is finding Washington a friendlier place.

TVNL Comment: Predatory capitlism is alive and well in Washington.  The 99% be damned, - they control Congress now and always will.  Wake up, America.

More...


Most Recent Related Stories...


Congress Still Has No Idea How Much the NSA Spies on Americans

CongressThe biggest lie Americans are told about the NSA is that it is subject to "strict...

Elizabeth Warren is calling for an investigation of the Federal Reserve

Elizabeth Warren"This American Life" did a program on Friday on the information obtained by Carmen Segarra from...

CIA didn't know it had Senate 'torture' report

CIA reportThe U.S. government inaccurately told a federal judge last month that the CIA did not have...

Ohio's James Traficant Dies, Days After Accident On Farm

TrafficantFormer Rep. James Traficant, the Ohio politician whose career included 17 years in Congress and a...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!