Banks are mobilizing a smooth-running lobbying machine in Washington to battle Barack Obama's plans to limit the size and scope of Wall Street institutions, as financial services firms gear up to stop a shake-up that could slice away large chunks of their operations.
Their influence on Capitol Hill is broad – the top eight US banks spent euro 18.3m ($26m) on lobbying efforts last year, an increase of 6% on 2008 despite their financial woes, according to Congressional records. And in the first 10 months of 2009, the financial industry donated euro 55.3 m ($78.2m) to federal candidates and party committees – more than any other business sector – according to political research institute the Centre for Responsive Politics.
"The power of the financial services sector in this city has not dissipated at all … they've just done things in a quieter way," said Ethan Siegel, an analyst at financial consultancy The Washington Exchange, who monitors Congress for big investors. "They haven't pulled back on their lobbying just because they've become piñata [punchbags] in the press."
For more: Wall Street's euro 18.3 m ($26m) lobbyists gear up to fight Obama banks reform | Business | The Observer
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