“Enjoying Virtually Front-Door Access”

Executives and political action committees from Wall Street banks, hedge funds, insurance companies and related financial sectors have showered Congressional candidates with more than $1.7 billion in the last decade, with much of it going to the financial committees that oversee the industry’s operations.

In return, the financial sector has enjoyed virtually front-door access and what critics say is often favorable treatment from many lawmakers.

–“Financial Overhaul Bill Poses Big Test for Lobbyists“; The New York Times (5/22/10)

Since when did we give Wall Street a say — the say — in regulations purporting to regulate it?

I know the U.S. Constitution gives the Senate an “advise and consent” role — but where it does it say anything about Wall Street??

And yet.

And yet the financial reform legislation just passed by the Senate apparently must now run the gauntlet of industry lobbyists, who would weaken (if not gut) it.

Why is this, exactly?

Oh, yes: because these guys finance our politicians’ election campaigns . . .

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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