Obama's proposals for reform of the financial system have lobbyists working over time. And members of Congress are afraid his plans could interfere with Congressional efforts. Or, you could say, they might make things embarrassing and difficult for Democrats who rely on financial institutions for campaign contributions?
President Obama’s proposals to tax and curb the activities of Wall Street have thrown an unpredictable element into the debate over financial regulatory reform. They also have touched off an intensive new round of lobbying and raised questions in Congress over whether his plan will add urgency or merely bog things down. ...
...Industry representatives and Democratic Congressional aides say the president’s new proposals have already provoked a sharp increase in the volume and energy of the lobbying on regulatory reform, with more chief executives stepping over their government relations staff to request personal meetings with lawmakers. The big banks, the lobbyists say, have become increasingly alarmed that the legislative process may move in unexpected directions outside their control.
Chief executives of big banks have been in Washington for meetings with White House and Treasury officials and lawmakers on Capitol Hill. Jamie Dimon, chief executive of JPMorgan Chase, had lunch with Mr. Obama last Tuesday, and then met separately on Friday with the Federal Reserve chairman, Ben S. Bernanke, and the Treasury secretary, Timothy F. Geithner.And industry lobbyists and chief executives have been lining up outside the doors of senators. ...NYT
See Congress and White House make sausage. Sausage is flavored nicely with herbs and spices which make bankers drool. By the time the same sausage reaches average Americans, has gone bad and causes serious health problems.
Time to elect a Congress which knows how to make healthy, nutritious sausage.
