Against you. Would it have been too much to ask Washington to block such spending?
As Congress spent much of the last three months looking at ways to tighten regulations on financial institutions, some of the biggest recipients of the government’s $700 billion bailout increased their spending on influencing legislators.
“While these companies continue to count their taxpayer cash, they’re using their lobbying against critical financial reform,” said Ed Mierzwinski, consumer program director at Public Interest Research Group. “Anywhere but Washington, you would think this was the Saturday morning cartoons.”
Trade groups also have ramped up their lobbying and the consequences already are being felt. House Financial Services Committee Chairman Barney Frank, D-Mass., has delayed a panel vote on legislation that would create a consumer finance protection agency widely opposed in the financial sector.
Let’s hope Frank does the right thing and shuts down Big Finance.