Friday July 19, 2019
SNc Channels:

Search
About Salem-News.com

 

Oct-30-2013 11:48printcomments

House Floor Vote This Week on Derivatives Bill Written by Citigroup Lobbyists ( HR 992)

Citigroup has given $503,150 to current members of the House of Representatives.

Capitol in DC

(BERKELEY) - Later this week, the House of Representatives will be voting on a bipartisan bill to repeal financial bailout protections that Congress passed in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill, H.R. 992 or the "Swaps Regulatory Improvement Act," would severely limit the reach of Sec. 716 in Dodd-Frank, which requires banks that are eligible for Federal Deposit Insurance Corporation or Federal Reserve lending discounts to spin off their derivatives activities into separate corporate entities that would not be eligible for federal assistance.

According to the New York Times, lobbyists from Citigroup played a major role in the bill's creation: "Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill," Eric Lipton and Ben Protess write. "Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.)"

Data: MapLight analysis of campaign contributions to members of the House of Representatives from interest groups supporting and opposing H.R. 992 from January 1, 2011—December 31, 2012. Data source: OpenSecrets.org

  • Citigroup has given $503,150 to current members of the House of Representatives.
  • Representative Jim Himes, D-Conn., has received $66,450 from Citigroup, more than any other member of the House of Representatives. Himes is a co-sponsor of the bill.
  • Co-sponsors of the bill have received, on average, 16.8 times more money from Citigroup than have members of the House who have not signed on as co-sponsors.
  • Speaker John Boehner, R-Ohio, has received $917,500 from interests supporting the bill, more than any other member of the House of Representatives.
  • Representative Randy Hultgren, R-Ill., the primary sponsor of the bill, has received $136,500 from the Securities and Investment industry, more than from any other industry.

For previous analysis on H.R. 992 see our posts from when the bill passed the House Financial Services Committee and the House Agricultural Committee.

A link to this data release can be found here.

About MapLight:
MapLight is a 501(c)(3) nonprofit, nonpartisan research organization that reveals money’s influence on politics. 

________________________________________

_________________________________________




Comments Leave a comment on this story.
Name:

All comments and messages are approved by people and self promotional links or unacceptable comments are denied.


[Return to Top]
©2019 Salem-News.com. All opinions expressed in this article are those of the author and do not necessarily reflect those of Salem-News.com.


Articles for October 29, 2013 | Articles for October 30, 2013 | Articles for October 31, 2013
Support
Salem-News.com:



Donate to Salem-News.com and help us keep the news flowing! Thank you.


The NAACP of the Willamette Valley

Sean Flynn was a photojournalist in Vietnam, taken captive in 1970 in Cambodia and never seen again.