May, 18 2010, 01:16pm EDT

Big Bank Lobbyists Fighting Financial Reform Outnumber Pro-Reform Lobbyists by 11-1
New Public Citizen Report Shows Firepower Wall Street Is Bringing to Capitol Hill
WASHINGTON
Wall Street is pulling out the stops to get a financial reform bill that changes as little as possible.
Since the beginning of 2009, nearly 1,000 lobbyists have worked on
at least one of nine key bills designed to rewrite the rules governing
derivatives, a new Public Citizen report shows.
These lobbyists have overwhelmingly represented organizations
opposing or attempting to water down proposed regulation, according to
Public Citizen's analysis of lobbying disclosure data filed with the
U.S. House of Representatives.
Lobbyists representing opponents of strong derivatives reform have
outnumbered pro-reform lobbyists by more than 11-to-1 (903 to 79
lobbyists). Among the clients represented by the anti-reform lobbyists
were the nation's five largest banks, several major financial trade
associations and the U.S. Chamber of Commerce.
"Wall Street is fighting hard to keep its casino open for business,"
said David Arkush, director of Public Citizen's Congress Watch
division. "They want to keep making risky bets, awarding themselves
billions in bonuses and running to Uncle Sam for handouts when they
lose. Their position is ridiculous and discredited, so it's not
surprising that they would hire nearly a thousand lobbyists to drown
out reform advocates."
The Senate Wall Street reform bill includes relatively aggressive
derivatives regulation approved by the Agriculture Committee. The
current draft would push most derivatives trading onto open exchanges
or clearinghouses, and would deny federal deposit insurance to
derivatives traders. This latter requirement would force commercial
banks to spin their derivatives trading operations off into independent
companies, although they would be able to remain under the same holding
company. Wall Street is lobbying furiously to eliminate or undermine
these provisions.
"Lawmakers should mind the advocacy disparity on derivatives and
work to give fair consideration to the pro-reform side," Arkush said.
"A small number of organizations are completely outgunned, but unlike
like big bank lobbyists, they represent tens of millions of real
people."
The report is available at https://www.citizen.org/documents/DerivativesLobbyistsReport.pdf.
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
(202) 588-1000LATEST NEWS
GOP Unveils Plan to Give $150 Billion More to Pentagon
"Any additional money pumped into this system is likely to be wasted," said one analyst. "The only beneficiaries will be weapons contractors."
Apr 28, 2025
Congressional Republicans on Sunday released legislation that would pump an additional $150 billion into the Pentagon—a morass of waste and profiteering—over the next decade as part of a sweeping reconciliation package that's also expected to include deep cuts to Medicaid and tax breaks for the wealthy.
The House Armed Services Committee, a major target of weapons industry lobbying, unveiled the plan for what it called "a historic investment of $150 billion to restore America's military capabilities and strengthen our national defense." The panel said the legislation was developed "in close conjunction" with Senate Republicans and President Donald Trump, who is separately pursuing a $1 trillion U.S. military budget for the next fiscal year.
The legislation would direct the new Pentagon funding toward a number of initiatives backed by the president, including a "Golden Dome" missile defense system that experts have called a massive boondoggle that could benefit Elon Musk.
The bill, which is scheduled for a committee markup on Tuesday, also includes $4.5 billion to speed production of the B-21 stealth bomber, a Northrop Grumman-made aircraft capable of delivering nuclear weapons.
William Hartung, a senior research fellow at the Quincy Institute for Responsible Statecraft, said Sunday that the GOP's proposed Pentagon spending increase is "a glaring example of misplaced priorities."
"This is no time to throw more money at a weapons manufacturing base that is already maxed out," said Hartung. "Any additional money pumped into this system is likely to be wasted. The only beneficiaries will be weapons contractors, who will be glad to accept the new funds whether they can use them effectively or not."
"Given that the Pentagon and its contractor network are having a hard time spending existing funds well," Hartung added, "Congress should think twice before sending more taxpayer money their way."
The Republican push for additional Pentagon funding comes as Defense Secretary Pete Hegseth is facing calls to resign for sharing plans for a U.S. military attack on Yemen in at least two private group chats.
Earlier this month, as Common Dreamsreported, Hegseth endorsed Trump's push for a $1 trillion U.S. military budget, which would mark the highest level of spending since the Second World War.
Keep ReadingShow Less
100 Palestinians Killed in Weekend of Israeli Airstrikes on Gaza
Victims include 22 members of one family massacred in their Gaza City home.
Apr 27, 2025
Israel Defense Forces bombing killed at least 100 Palestinians including numerous women and children in the Gaza Strip over the weekend, while the IDF also renewed airstrikes on Lebanon as cease-fire talks between senior Hamas and Egyptian officials wrapped up in Cairo without any breakthrough.
The Gaza Health Ministry said Sunday that Israeli strikes killed at least 51 Palestinians over the previous 24 hours. Among the victims were eight people, including three women and two children, killed in an IDF bombing of a tent in Khan Younis; a man and four children slain in another strike on a tent in Deir al-Balah; and at least six people who died when a coffee shop near the Bureij refugee camp was hit.
The ministry said Saturday that at least 49 Palestinians were killed during the preceding 24 hours, including 22 members of the al-Khour family who were sheltering in their Gaza City home when it was bombed.
The IDF said the strike targeted a Hamas militant. Israel's military relaxed rules of engagement after the October 7, 2023 attack to allow an unlimited number of civilians to be killed when targeting a single Hamas member, no matter how low-ranking.
Saed al-Khour, who is grieving the loss of his family, refuted Israel's claim, tellingThe Associated Press that "there is no one from the resistance" among the victims.
"We have been pulling out the remains of children, women, and elderly people," al-Khour added.
Israel's U.S.-backed 569-day assault on Gaza has left at least 183,800 Palestinians dead, injured, or missing. Nearly all of Gaza's more than 2 million people have been forcibly displaced, starved, or sickened amid a "complete siege" that is cited in an International Court of Justice genocide case against Israel.
Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant are also fugitives from the International Criminal Court, which issued arrest warrants for the pair last year.
Meanwhile, Israeli forces unleashed a wave of bombing attacks in Lebanon in what critics called a blatant violation of a November cease-fire agreement with the resistance group Hezbollah. The IDF bombed targets in southern Lebanon and in suburbs of the capital city of Beirut.
The IDF, which said it warned residents ahead of the Beirut airstrike, claimed it attacked "an infrastructure where precision missiles" were being stored by Hezbollah, without providing any supporting evidence.
Israel says it will continue its assault and siege on Gaza until Hamas releases the two dozen Israeli and other hostages it has imprisoned since October 2023. Hamas counters that it will only free the hostages in an exchange for Palestinians imprisoned by Israel, a complete withdrawal of IDF troops from Gaza, and a new cease-fire agreement. Israel unilaterally broke a January cease-fire last month.
A senior Hamas delegation left Cairo late Saturday following days of talks regarding a possible deal for a multi-year truce and the release of all remaining hostages. The head of Israel's Mossad spy agency was also in Qatar earlier this week for separate cease-fire talks. Qatari mediators said they believed there has been "some progress" in both sides' willingness to reach an agreement.
United Nations agencies and international humanitarian groups—many of which have accused Israel of using starvation as a weapon of war—have warned in recent days of the imminent risk of renewed famine in Gaza as food stocks run out.
"Children in Gaza are starving," the U.N. Relief and Works Agency for Palestine Refugees in the Near East
said on social media Sunday. "The government of Israel continues to block the entry of food and other basics. [This is a] man-made and politically motivated starvation."
Keep ReadingShow Less
Sanders: 'Oligarchy on Steroids' Poses Existential Threat to Democracy
"If we don't address that issue, the American people will continue to turn their backs on democracy."
Apr 27, 2025
U.S. Sen. Bernie Sanders said Sunday that Democrats lack a "vision for the future," warning that Americans will "turn their backs on democracy" if elected officials fail to tackle an "oligarchy on steroids."
Appearing on NBC News' "Meet the Press," Sanders (I-Vt.) was asked about Sen. Elissa Slotkin's (D-Mich.) recent assertion that Democrats should stop saying "oligarchy" because it only resonates with coastal institutions, and whether he's "missing a chance to speak to a wider audience."
"Well... we had 36,000 people out in Los Angeles, 34,000 people in Colorado, we had 30,000 people in Folsom, California," Sanders replied, referring to the wildly popular Fighting Oligarchy Tour he's currently on with Rep. Alexandria Ocasio-Cortez (D-N.Y.).
"I think the American people are not quite as dumb as Ms. Slotkin thinks they are. I think they understand very well," the senator continued. "When the top 1% owns more wealth than the bottom 90%, when big money interests are able to control both political parties, they are living in an oligarchy."
"And these are precisely the issues that have got to be talked about," Sanders said. "Are you living in a democracy when [Elon] Musk can spend $270 million to elect [President Donald] Trump, and then becomes the most important person in government?"
Sanders called out the American Israel Public Affairs Committee and other super PACs "that have enormous power over Democratic candidates."
"Those are issues that we have got to talk about. That is the reality of American society today. The very rich getting richer, working-class people are struggling, 800,000 people [are] sleeping out on the streets," the democratic socialist contended.
"If we don't address that issue, the American people will continue to turn their backs on democracy, because they're looking around them and they're saying, 'Does anybody understand what I am going through?'" he added. "And unfortunately right now, to a large degree, neither party does."
Sanders urged Democrats to embrace policies like fixing the nation's "broken healthcare system" and raising the minimum wage, pointing to issues on which he is working with colleagues.
"You have Democrats... talking about Trump's movement toward authoritarianism; vigorously opposing the so-called reconciliation bill to give over a trillion dollars in tax breaks for the 1% and make massive cuts to Medicaid, nutrition, and housing; opposing what Musk is doing to dismember the Social Security Administration and the Veterans Administration, making it hard for our veterans to get decent health care or benefits on time," he said.
Sanders argued that the country needs more working-class people to run for office—and not necessarily as Democrats.
"You want to run as a Democrat? Great," he said. "You want to run as an Independent? That's great, but you've got to get involved in the political process, because right now the two-party system is failing the working class of this country."
Keep ReadingShow Less
Most Popular