Wednesday, September 2, 2015

Amid 'reform' debate, banks shovel cash to Congress

South Jersey Rep. John Adler is among the Congressmen raising money from big banks while reviewing new bank regulations, reports Bloomberg

Amid 'reform' debate, banks shovel cash to Congress

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"At least 20 House and Senate lawmakers have scheduled fundraisers in May targeting the industry or hosted by lobbyists for banks such as Goldman Sachs Group Inc. and Citigroup Inc... The events allow lobbyists to mingle with lawmakers as the Senate debates sweeping new regulations for the industry," reports Bloomberg here.

"Some members of Congress have criticized Wall Street one month only to ask the industry for money the next. U.S. Representative John Adler, a New Jersey Democrat, demanded accountability from Wall Street in an April 29 statement. This week, he’s holding what is billed as a “financial services dinner” in Washington with a minimum contribution of $1000...

"Lobbyists for New York-based Goldman Sachs and Citigroup are among those hosting a $1,000-a-plate breakfast on May 20 for Senator Mike Crapo of Idaho, a Republican member of the Senate Banking Committee. The group sponsoring the Washington event, Capitol Tax Partners LLP, lobbies on tax issues...

"One of the hosts of a $1,000-per-person Washington fundraiser on May 18 for another Senate Banking Committee member, (Republican) Bob Corker of Tennessee, will be Tim Locke, a lobbyist whose clients include Charlotte, North Carolina-based Bank of America Corp."

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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