The administration's FinReg scorecard
As I mention in Wonkbook, my colleague Brady Dennis has a great story this morning limning lobbyist concerns that financial regulation is turning against them. He quotes Sam Geduldig, a financial lobbyist and former Republican staffer, saying, "You've got an environment, six months before an election, where politicians are acting like politicians They are viewing any vote as a potential campaign ad. And that might not be good for any of us."
The White House is pressing its perceived advantage. Dan Pfeiffer wrote a blog post this morning called "The 10 Most Wanted Lobbyist Loopholes," where he gets very specific on what the White House wants -- and doesn't want -- out of the amendment process. The White House doesn't usually make such concrete demands, in part because when you give the media metrics to use to judge whether you won or lost, it's harder to spin a loss.
As for the demands themselves, they're pretty good. For instance, Pfeiffer advises us to watch for efforts to fight exchange-trading for derivatives. "The big derivatives dealers make big profits by charging end-users extra spreads and hidden fees," he writes, "and they don’t want that to change." Pfeiffer also notes that there will be efforts "to make the resolution process so unwieldy that it can never work" (though I think you could say that about the bill as currently written) and "to take away the [consumer protection] bureau’s source of funds." It's worth reading the whole thing to see what the White House is fighting for.
It's also worth reading the whole thing to see what didn't make the cut. The big omission from the list of demands: the Volcker rule, which the president announced with Paul Volcker at his side but which the White House has seemed considerably cooler toward in recent weeks.
May 4, 2010; 9:04 AM ET
Categories: Financial Regulation
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