Report: Big banks meeting with agencies 14 times more than reform groups

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“The data plainly show that regulators are hearing from the representatives of affected banks over, and over and over again. With each meeting, bank representatives are getting yet another chance to make their case,” concluded Lee Drutman, a senior fellow at the foundation, in a blog post accompanying the survey results.

The list includes 222 meetings with representatives of Goldman Sachs, 207 with JPMorgan Chase staffers and 175 with representatives from Morgan Stanley. The top issues at those meetings were derivatives rules and limits on profit-focused speculative trading, called the Volcker Rule.

Meanwhile, Americans for Financial Reform, a coalition of more than 250 consumer, civil rights and community groups, met with agency officials just 43 times. A plurality of those meetings focused on the Consumer Financial Protection Bureau, the watchdog group created by the Dodd-Frank law.

“As the Dodd-Frank law passes its third anniversary, lagging on deadlines, and increasingly defanged, the meetings log data offer a compelling reason why: the banks have overwhelmed the regulators,” Drutman wrote.

Critics have alleged that the thousands of pages of regulations stemming from the 2010 law have been persistently watered down by Wall Street influence and pressure.

The Sunlight Foundation survey reviewed data from three financial regulators that voluntary disclose their meetings: the Treasury, Federal Reserve Board and Commodity Futures Trading Commission (CFTC). Of those, the CFTC held the most meetings, with more than 2,000.

Sunday marked the three-year anniversary of President Obama’s signing of the Dodd-Frank Act.

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