Surprise, surprise–the Republicans are getting away with a filibuster of the financial oversight bill. Democrats have not been able to get enough votes to fight the filibuster, and manyAmerican companies have lobbyists devoted to fighting the bill.
Far afield from Wall Street, the intense debate over the overhaul of financial regulations by Congress is attracting some unlikely but powerful players. More than 130 companies from the manufacturing, retail and service sectors have retained high-powered lobbyists to weigh in on, and often oppose, the regulatory system being debated this week in Washington, according to an analysis of lobbying records by The New York Times.
Many of the lobbyist come from companies that are not from Goldman Sachs and other financial companies who’s behaviors are responsible for the popular support of the bill. The problem is that the legislation–so far–is so loosely defined that many companies are afraid the final bill could include limits to how they finance what they do.
Examples–Harley Davidson does not want restrictions on how they arrange loans for the purchase of their motorbikes. Mars does not want to lose its ability to dabble in the derivatives markets for cheap sugar and chocolate.
Economically, it is probably best if there is some intervention early on, leading to a better defined bill and the restrictions that will be imposed. Politically, this is very visible evidence of the power big business has over the legislative process in the US capital.
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