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Wall Street ‘Likely To Set Records’ For Political Spending Aimed At Defeating Obama In 2012
With Wall Street profits and bonuses falling and big banks cutting jobs right and left, it seems that the financial services sector would be scaling back its free-spending ways.
But, according to a Center for Responsive Politics analysis, they likely to set records in 2012 on political spending — the bulk of which is aimed at defeating President Barack Obama and electing Republicans opposed to the Dodd-Frank financial regulations enacted to address the sector’s 2008 meltdown.
It seems Wall Street has had its feelings hurt by the Obama administration’s increasingly vocal support for policies that benefit the other 99 percent, and as a result, the financial industry is giving heavily to Republicans and, in particular, former Massachusetts Gov. Mitt Romney (R).
...
Wall Street has made no secret of its desire for Republican candidate who will return to the unregulated anything-goes policies of the Bush years. The banks spent millions lobbying against passage and implementation of Dodd-Frank and helped Republicans oppose the nomination of a director of the Consumer Financial Protection Bureau. It’s comes as little surprise then that Romney, who announced his opposition to Dodd-Frank early in his campaign, has emerged as Wall Street’s favorite candidate.
http://thinkprogress.org/economy/2012/02/13/423801/wall-street-records-donations/
Obama takes tough tone with Wall Street as he seeks regulator boost
President Obama geared up for another battle with Republicans over financial reform as he offered tough critiques of Wall Street in his fiscal 2013 proposal while demanding robust budgets for watchdog agencies.
The president showed no signs of backing down in the face of 18 months of GOP and business community criticism of the Dodd-Frank financial reform law. Rather, there are indications he is doubling down, even as the price tag of the government's massive bailout of that sector grew.
The president opened Monday's budget request with a harsh broadside of the bad actions that led the United States into a steep financial crisis. Calling it an "abdication of responsibility" by the nation's financial sector, Obama painted the actions of Wall Street before the financial crisis as capitalism gone wrong.
...
"I will not go back to the days when Wall Street was allowed to play by its own set of rules," he said, running down major provisions of Dodd-Frank. "The rest of us aren't bailing you out ever again."
The president showed no signs of backing down in the face of 18 months of GOP and business community criticism of the Dodd-Frank financial reform law. Rather, there are indications he is doubling down, even as the price tag of the government's massive bailout of that sector grew.
The president opened Monday's budget request with a harsh broadside of the bad actions that led the United States into a steep financial crisis. Calling it an "abdication of responsibility" by the nation's financial sector, Obama painted the actions of Wall Street before the financial crisis as capitalism gone wrong.
...
"I will not go back to the days when Wall Street was allowed to play by its own set of rules," he said, running down major provisions of Dodd-Frank. "The rest of us aren't bailing you out ever again."
http://thehill.com/blogs/on-the-money/banking-financial-institutions/210285-obama-takes-tough-tone-with-wall-street-as-he-seeks-regulator-boost
BRIEF SUMMARY OF THE DODD-FRANK WALL STREET
REFORM AND CONSUMER PROTECTION ACT
Consumer Protections with Authority and Independence: Creates a new
independent watchdog, housed at the Federal Reserve, with the authority to
ensure American consumers get the clear, accurate information they need to
shop for mortgages, credit cards, and other financial products, and protect
them from hidden fees, abusive terms, and deceptive practices.
Ends Too Big to Fail Bailouts: Ends the possibility that taxpayers will be
asked to write a check to bail out financial firms that threaten the economy
by: creating a safe way to liquidate failed financial firms; imposing tough
new capital and leverage requirements that make it undesirable to get too
big; updating the Fed’s authority to allow system-wide support but no longer
prop up individual firms; and establishing rigorous standards and
supervision to protect the economy and American consumers, investors and
businesses.
...
Enforces Regulations on the Books: Strengthens oversight and empowers
regulators to aggressively pursue financial fraud, conflicts of interest and
manipulation of the system that benefits special interests at the expense of
American families and businesses.
(Created) Consumer Financial Protection Bureau
http://banking.senate.gov/public/_files/070110_Dodd_Frank_Wall_Street_Reform_comprehensive_summary_Final.pdf
Who is the new Director of Consumer Financial Protection Bureau?
Richard Cordray Nomination: Obama Using Recess Appointment Amid GOP Opposition
Oh my...no wonder Wall Street doesn't like him. Too bad poor little 1%, doesn't like regulation.
Obama/Biden 2012
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