Ten U.S. banks that have received assistance with rescue money taxpayers have spent over 16 million dollars for lobbying during the first six months of the year. Money is spent to influence the participants in the debate on financial sector reform in the U.S. The regulatory data show that the ten banks that have received the largest share of state aid in 2008 and 2009 spent a lot to influence the views of members of Congress, representatives of the White House, Treasury, Federal Reserve, and some of the federal agencies involved in designing the new regulatory framework. “I’m not surprised that these banks have spent so much money because I saw every day how it happens,” said Ed Mirtsvinski, director of the US Public Interest Research Group. He said reform of the financial sector have worked over 2000 lobbyists. The new regulatory framework, signed by President Barack Obama in July, with volumes in 2300 pages and outlines new rules for derivative trading, charging and regulation of transactions with debit and credit cards. Many of the new rules laid down by banks as too harsh and cause discontent. The sum of 16.32 million dollars set aside for lobbying during the first half, with 26 percent more than the money allocated to this activity for the same period last year.
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