In the eight months since President Donald Trump assumed office, the financial sector has been moved by quite a few catalysts.
There’s the ongoing Republican effort to repeal and replace the Dodd-Frank Act, which could mean legalizing tax-funded bank bailouts, eliminating the Fiduciary Rule and providing banks greater control over trading and capital use.
The Federal Reserve has raised rates twice already, the U.S. Treasury has recommended less stringent banking stress tests, and the GOP has taken steps to weaken the threat of the Consumer Financial Protection Bureau.
In this relatively favorable environment, the industry has spent just $127,858,425 on lobbying so far this year, a figure on pace to close 2017 at $180,506,012. That’s a 25-percent dip from 2016’s sum of $241,573,936, according to The Center for Responsive Politics.
The greatest decreases in lobbyist spending have come from securities and investment firms, finance and credit companies, credit unions and commercial banks.
Here are the top 10 financial bodies investing in lobbying in 2017:
- American Bankers Association: $5.6 million
- Securities Industry & Financial Market Association: $3.5 million
- Financial Services Roundtable: $3.0 million
- Independent Community Bankers of America: $2.7 million
- Association of International CPAs: $2.6 million
- Citigroup Inc C: $2.5 million
- Investment Company Institute: $2.4 million
- S&P Global Inc SPGI: $2.4 million
- Credit Union National Association: $2.4 million
- HSBC Holdings plc (ADR) HSBC: $2.4 million
Dozens of others spent more than $1 million, including Ally Financial Inc ALLY, Visa Inc V and Navient Corp NAVI.
Image Credit: By Gage Skidmore from Peoria, AZ, United States of America (Donald Trump), via Wikimedia Commons
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