Wall Street has deployed an army of lobbyists to try to whittle away as much of the Dodd-Frank financial reform bill as possible, spending $242.2 million on 712 hired guns to press their message on Capitol Hill since the beginning of 2010, according to a new report by Public Citizen.
The 30 most politically active business and financial industry organizations also ponied up $15.6 million in federal political contributions during the same time period. The entities with the deepest pockets include: the U.S. Chamber of Commerce, the American Bankers Association, the Financial Services Roundtable, MetLife, Goldman Sachs, to name just a few.
Why lay out so much cash to influence Washington in the months leading up to the first anniversary of the Dodd-Frank financial reform law? Some of Wall Street's biggest firms are gunning for a rule specifically designed to address one the main causes of the financial meltdown: exorbitant incentive-based executive compensation packages.