Banks are none too happy about how the passage of Dodd-Frank has been crimping their style. So they hired a Wall Street lobbyist, former Congressman Steve Bartlett, to lead the well-funded rearguard action by the ” Financial Services Roundtable” to neuter the laws. And darned if those cocktail parties aren’t working.
Dealbook reports on how, in his own words, he is trying to “reform the reform.” How does he spend the monies?
- Wearing ostrich leather cowboy boots, shouting orders at Congressional staffers during a closed-door on reg reform.
- Hosting a goodbye party for outgoing, and outspoken, FDIC head Sheila Bair, in which she received a fake gold watch.
- Pitching Elizabeth Warren, architect of the CFPB, ideas for reforming mortgage buyer paperwork cold cuts
- Sending regulators over 100 letters proposing ways to soften Dodd-Frank
So far it seems to be working, with bankers getting most of what they’ve wanted, like mitigating the cuts to debit card fees, delay new regulations on derivatives, and getting the Treasury to get some of the instruments excused from any kind of oversight reform.
Money, power, access, ostrich leather cowboy boots, your Democracy in action.