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September 15, 2009

Regulatory Changes Face Fierce Opposition from Finance Industry
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President Obama’s call for new financial regulations is facing fierce
opposition from the securities and investment industries. A new report
by the watchdog group Common Cause reveals the financial industry spent
$42 million lobbying Congress during the first six months of the year.
Nine of the top recipients of securities money so far this year are
Democrats. Senator Charles Schumer of New York topped the list, taking
in nearly $680,000 in campaign contributions. Meanwhile, the Chamber of
Commerce has launched a multi-million-dollar campaign to kill the
proposed Consumer Financial Protection Agency that would monitor the
products that banks and other institutions sell to consumers, including
subprime loans.



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