K Street’s New 800-lb Gorilla

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Just in time to face down Washington’s new regulatory mavens, the two major Wall Street lobbying groups, representing securities and bonds traders, have merged this year into a behemoth. Reports the Washington Post:

The Securities Industry and Financial Markets Association, with a budget of $80 million, is the main mouthpiece for the financial services industry, the biggest corporate player in national politics. Only organized labor donates more to candidates for federal offices.

When added together, SIFMA’s political action committees gave more than $1 million during the 2006 election season, putting the organization in the top 25 of all PACs. Its combined $8.5 million in spending on federal lobbying last year placed it in the top 30.

The association will need all that and more. It’s already at the center of some of the most heated, high-stakes battles on Capitol Hill. It has begun to question the regulatory requirements under the Sarbanes-Oxley Act and wants to extend the temporary, multibillion-dollar tax breaks for profits garnered from stocks and bonds.

Don’t expect Democrats to shoot this new K-Street Kong off the ramparts. House Speaker Nancy Pelosi’s top campaign donors? Securities and investment companies. Her supporters in Silicon Valley have argued Sarbanes-Oxley creates too many roadblocks to taking companies public. The Speaker supports reforming the law. Look for proposed administrative changes to Sarbanes by the SEC in a week or two.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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