Letter: Large banks lobby for large profitsI am very concerned about the amount of lobbying being conducted to try to gut the Dodd-Frank financial-reform bill passed by the congress and signed into law last July.
By: Dale Cuperus, Lakefield, Worthington Daily Globe
I am very concerned about the amount of lobbying being conducted to try to gut the Dodd-Frank financial-reform bill passed by the congress and signed into law last July. It appears the large banks that almost caused the collapse of the financial system by their irresponsible business practices are now spending obscene amounts of money lobbying congress, so they can go right on racking in large profits by trying to undo the reforms put into place to protect ordinary working people’s retirement savings.
“A series of studies by the Sunlight Foundation, a nonprofit research group, found that about 70 percent of the campaign contributions to Spencer Bachus, the Alabama Republican who recently took over as chairman, came from financial services in the first quarter of 2011.” “Through the first three months of the year, seven of the 10 Republican freshmen on the committee had received 40 percent of their PAC campaign contributions from financial services …” “One of these is Sean Duffy of Wisconsin, who raised more than $200,000 in his first three months in office.” (Quotes from July 18, 2011, Newsweek, page 11)
Look out! The big boys who were “too big to fail” and needed a government bailout, are trying to buy Congress on this issue. I bet they will give themselves an extra big bonus if they succeed!