Bloomberg reports that the Obama Administration is starting to push back against the lobbying efforts being made by Wall Street.
White House officials say they are growing frustrated that the banking industry is fighting President Barack Obama’s plan to overhaul financial regulations after taxpayer bailouts helped firms restore profits and near- record compensation for executives.
Their anger is directed even at firms such as New York’s JPMorgan Chase & Co. and Goldman Sachs Group Inc. that have paid back their government assistance and reported a surge in third- quarter earnings this week. The issue, according to administration officials, is the industry is generally on sound footing because of government help and lobbying against Obama’s regulatory plans goes against the nation’s long-term interest.
“We are disappointed by the lobbying of anyone in the financial industry against regulatory reform, considering the obvious need for change on that front,” Valerie Jarrett, a senior adviser to Obama, said.
The Best Government Money Can Buy? is a non partisan documentary film about the links between lobbying and campaign finance.