This New York Times headline doesn’t exactly come as a shock: Banks’ Lobbyists Help in Drafting Financial Bills:
One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.
In a sign of Wall Street’s resurgent influence in Washington, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)
Our Industrious Lawmakers (Limerick)
By Madeleine Begun Kane
It seems Wall Street is writing our laws;
Co’s like Citigroup — clause by bad clause.
If you think it’s a crime
That the rich win each time,
That right there is your probable cause.