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Analysis: How bank lobbying sunk regulatory rigor
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Added by
apesphere on 09 Mar 2009
From: www.alternet.org
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| Image courtesy katedubya via Flickr |
An article by Multinational Monitor's Robert Weissman tracks the flow of banking money to legislators and the consequent 10-year deregulatory fervor.
The financial sector paid over $5 billion in federal campaign contributions and lobbying expenditures during the period 1998-2008 according to the article, which summarises the findings of a new report "Sold Out: How Wall Street and Washington Betrayed America".
As Weissman reports:
"This extraordinary investment paid off fabulously. Congress and executive agencies rolled back long-standing regulatory restraints, refused to impose new regulations on rapidly evolving and mushrooming areas of finance, and shunned calls to enforce rules still in place."
The author details 12 pieces of legislation passed during that period which he deems to have helped construct the crisis.
The financial sector paid over $5 billion in federal campaign contributions and lobbying expenditures during the period 1998-2008 according to the article, which summarises the findings of a new report "Sold Out: How Wall Street and Washington Betrayed America".
As Weissman reports:
"This extraordinary investment paid off fabulously. Congress and executive agencies rolled back long-standing regulatory restraints, refused to impose new regulations on rapidly evolving and mushrooming areas of finance, and shunned calls to enforce rules still in place."
The author details 12 pieces of legislation passed during that period which he deems to have helped construct the crisis.
Andrew Newton is the author of The Handbook of Compliance: Making Ethics Work in Financial Services
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