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When It Comes to Financial Reform, Let the Games Begin

As we noted on Wednesday, the House Financial Services Committee is in the midst of tackling financial regulatory reform, which has brought out the lobbyists in

Jul 31, 2020
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As we notedon Wednesday, the House Financial Services Committee is in the midst of tackling financial regulatory reform, which has brought out the lobbyists in full force. Here’s just a small taste of the action so far: American Banker is reportingthat the committee is close to carving out an exemption for community banks from the proposed Consumer Financial Protection Agency, as a way to win wider support. The New York Timessays the financial services industry already has spent $220 million this year on lobbying efforts to shape financial reform. And Ryan Grim at The Huffington Post reportsthat Illinois Attorney General Lisa Madigan sent a letter to fellow Democrat Melissa Bean (D-Ill.) criticizing her effort to block states from imposing stricter restrictions than those imposed under the Consumer Financial Protection Agency.
That’s not all. At Naked Capitalism, guest poster George Washington saysthe financial industry lobbyists aren’t just trying to kill new laws – they’re actually trying to weaken existing regulations, citing Robert Borosage’s similar argument.
And this is only after the first day of the committee’s hearings.
Good to see how much President Obama has changed the culture of Washington.
Dexter Cooke

Dexter Cooke

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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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