Lobbyists for Wall Street interests have to be pretty nimble, I guess. Politico reports today on how Wall Street interests, who've recently been dealt some blows in Congress, are shifting their lobbying strategy away from Capitol Hill, and toward the very people in charge of regulating them.
From the Politico story: "Wall Street’s epic battle over financial reforms didn’t end when the Dodd-Frank law was enacted a year ago. It simply shifted from Capitol Hill to the regulatory agencies, with banks claiming the new rules will cripple a hurting economy."
When the Dodd-Frank financial reform legislation passed in 2010, many viewed it as defeat for Wall Street interests who had poured millions of dollars into campaign coffers and hired scores of lobbyists to try to weaken or defeat the measure. Another "set back" for Wall Street came last month when Congress refused to delay new limits on "swipe fee's."
So what does an industry that never met a regulation it didn't hate do? Simple. Stop worrying about lobbying Congress and shift your focus (and dollars) to lobbying the regulatory agencies that are repsponsible for enforcing Dodd-Frank. Wall Street and corporate interests have a seemingly endless supply of money for all things lobbying, and as Public Campaign President & CEO notes in the piece: “If you want to go after Godzilla, you need to have King Kong.”
King Kong, indeed. And with Consumer Financial Protection Bureau architect Elizabeth Warren set to testify to a likely hostile House Oversight Committee this week, it will be interesting to see how she is treated by industry friendly lawmakers, who last time went out of their way to try and embarass her. She'll no doubt hold her own. It remains to be seen, however, whether the regulatory agencies will hold up against Wall Street's might (read: mighty lobbying dollars).