Wall St. Lobbyist to Provide Lesson on Reviewing (Wall Street) Regulations

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Politico Influence reports today that House GOP Conference Secretary John Carter (R-Texas) has selected lobbyist Eric Ueland to teach his caucus about the Congressional Review Act (CRA), legislation that allows Congress to review “major” rules issued by federal agencies before they take effect and even disapprove such rules resulting in them having no force or effect.

Ueland, as Influence reports, “is lobbying the implementation of the health care law and the Dodd-Frank banking reform legislation for clients like the Bank of New York Mellon, PhRMA, HealthNet and Goldman Sachs.”

While it may be true that, as Ueland says, “Having been asked to discuss the CRA's development and history at the briefing. ... I plan to do just that,” this looks like just another way for the banks to influence the policy process in Washington, D.C.

Since Republicans regained the majority in the House, they’ve been pushing to slow down or weaken the implementation of Dodd-Frank—and have made it clear they’ll use the CRA to do it. Incoming House Financial Services Chair Rep. Spencer Bachus (R-Ala.) said his job was to “serve the banks, Rep. Michele Bachmann (R-Minn.) introduced legislation to repeal the legislation outright, and Rep Darrell Issa (R-Calif.) has a former Goldman Sachs VP handling banking issues on his committee staff. Heck, just do a search for “financial services fundraisers” on PoliticalPartyTime.org and look at all the events.

“Carter spokesman John Stone said he doesn't see any conflict of interest,” the article states. Of course he doesn’t.