Financial reform

Scott Brown Worked to Weaken Wall Street Reform While Taking Wall Street Cash

The Boston Globe reported Monday that while Sen. Scott Brown (R-Mass.) has bragged about his “deciding vote” to pass financial reform, he began working to weaken the legislation as soon as it passed. According to the Globe, “E-mails between Brown’s legislative director and US Treasury Department officials show that Brown advocated for a loose interpretation of the law so that banks could more easily engage in high-risk investments."

Sen. Shelby's Financial Industry Money Keeps Pouring In

Sen. Richard Shelby (R-Ala.), the ranking Republican member on the Senate Banking Committee, introduced legislation today to hold “financial regulators accountable for rigorous, consistent economic analysis on every new rule they propose.”

Mitch McConnell Sides with Wall Street

Pat Garofalo at ThinkProgress notes that Sen. Mitch McConnell (R-Ky.) said today that anything Congress could do to slow down the implementation of Wall Street regulations passed in the wake of the economic collapse, “the better America will be.”

America won't be better off with delays, but I bet his campaign account will be by working to delay these regulations.

According to the Center for Responsive Politics:

Mr. Cantor and Mr. Boehner go to Wall Street

Speaker John Boehner (R-Ohio) and Majority Leader Eric Cantor (R-Va.) are traveling to New York City this week for meetings with Wall Street executives--complete with a big money fundraiser at the St. Regis Hotel in Manhattan.

Sen. DeMint to Finance Committee?

Roll Call reports this morning that the possibility of Sen. Jim DeMint (R-S.C.) being named to the Senate Finance Committee has gone up considerably now that Sen. Johnny Isakson  (R-Ga.) backed out of consideration.

Wall Street Lobbies Big In 1st Quarter

The Wall Street Journal reports today (via our friends at ThinkProgress), that “Wall Street and the financial industry spent more to lobby Washington in the first quarter of this year than a year ago when Congress was writing sweeping financial-overhaul legislation.”

More Wall Street influence in Washington?

After Wall Street spent $293 million on campaign contributions in the 2010 cycle and hired nearly 2,500 lobbyists last year to rack up $471 million in lobbying, you’d think Wall Street would have its bases covered in the DC influence game.*

Wrong.

On "reopening" financial reform

Reuters reported this morning that Sen. Richard Shelby would like to “reopen” financial reform legislation. Specifically, he said he’d like to reevaluate the Consumer Financial Protection Agency—a hallmark of the legislation.

 

I thought it’d be good to remind people of all the campaign cash Sen. Shelby has received from Wall Street this cycle.

 

Here are the facts:

Rep. Tom Price, OCE Investigation, and Campaign Cash

The Office of Congressional Ethics (OCE) has requested information about the fundraising activities of eight members of Congress, including Georgia Congressman Tom Price (R). According to news reports, the OCE has requested information regarding Rep. Price’s campaign fundraising and the financial regulatory bill passed in the House on December 11, 2009.

 

Senate finance conferees receive $57 million in campaign cash

Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) have announced the Senators that will participate in the conference committee to reconcile the U.S. House and Senate financial reform bills. As the New York Times reported this weekend, financial industry lobbyists are pushing hard to weaken these reforms.