Bank lobbying soars in 2010 as Senate moves on financial reform

Big banks boosted their lobbying firepower in the beginning of 2010, with some doubling their spending as the Senate moved closer to voting on new financial regulations.

JPMorgan Chase & Co. spent the most of the big banks at $1,510,000 in the first quarter of 2010. That was 15 percent more than the $1,310,000 the firm spent in the beginning of 2009.

Credit Suisse spent $1,190,000 in the beginning of this year, which was more than double the $470,000 the firm spent in 2009.

Goldman Sachs nearly doubled its lobbying to $1,150,000 in the first three months of this year compared with the same period in 2009.

Bank lobbyists are looking to shape a sweeping financial regulatory bill that would create a new federal office on consumer protection, impose new restrictions on the multitrillion-dollar derivatives market and establish a new system for dissolving failing firms.

Many of the provisions are aimed straight at large banks, which are often the biggest spenders on lobbying in the industry. While not all the lobbying reports have been filed with Congress, those in by Tuesday night showed heavy new spending on K Street.

Lobbying spending for some of the biggest firms:

JP Morgan Chase & Co.

First quarter, 2010: $1,510,000

First quarter, 2009: $1,310,000

Citigroup

First quarter, 2010: $1,310,000

First quarter, 2009: $1,250,000

Credit Suisse

First quarter, 2010: $1,190,000

First quarter, 2009: $470,000

Goldman Sachs

First quarter, 2010: $1,150,000

First quarter, 2009: $670,000

Wells Fargo

First quarter, 2010: $1,020,000

First quarter, 2009: $700,000

Bank of America 

First quarter, 2010: $940,000

First quarter, 2009: $820,000

Morgan Stanley 

First quarter, 2010: $810,000

First quarter, 2009: $540,000

State Street

First quarter, 2010: $380,000   

First quarter, 2009: $210,000


This story was updated at 7:43 a.m.