Issue Post: Special Interest Groups

Special Interest Groups and Financial Services:

Special Interest Groups play a key role in the financial services sector and other sectors. Many large banks and other financial institutions hire lobbyists to halt attempts at new regulation. Or they push for a roll back of regulations that they believe negatively affects the profitability of their companies. In 2010 many lobbyists representing the Financial Services industry lobbied Congress to oppose the Dodd-Frank Bill. They believed the bill would restrict the company from engaging in revenue generating activities and add onerous regulations. However their efforts failed and the bill was passed. In 1999 they achieved more success when the lobbied Congress to overturn Glass-Steagall. This allowed banks to once more have both commercial and investment banking. This dramatically increased profits at big banks. On a much small level some liberal lobbyists lobby for increased consumer protections and new restrictions on big banks.
http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act

http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act

http://www.thenation.com/sites/default/files/user/20/DoddFrank_Lobbyists_1000px-1.jpg

http://steadfastfinances.com/blog/wp-content/uploads/2011/03/Percentage-of-Too-Big-To-Fail-Lobbyists-that-are-former-Government-Employees.gif