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The battle to re-regulate Wall Street is in the late rounds, as the House and Senate try to merge their two bills via the “conference” process beginning as early as next week. That isn’t stopping banks and their lobbyists from wooing top lawmakers with a say on the final bill.
Case in point: According to an invitation obtained by Brian Beutler at Talking Points Memo, a Wall Street securities firm and a Washington lobbying shop are scheming to bring together top lawmakers crafting Congress’ reform legislation, financial lobbyists, and banking officials for a day-long event in mid June. “Speakers will include the KEY House and Senate Conferees and majority and minority Committee staff,” the invitation reads, “as well as leading financial lobbyists covering interchange, banks and major non-banks affected by so-called Wall Street Reform bill.” (The securities firm is JNK Securities Corp., and the lobbying outfit Federal Advisory LLC.)
According to the invitation, the June 15 event is slated to last from 10 am to 7 pm—which could fall in the middle of the financial reform conference negotiations between House and Senate leaders. When Beutler called Tim Rupli, Federal Advisory’s registered lobbyist, Rupli said the event wasn’t a sure thing yet, and all 12 of the Senate conferees, as they’re called, either hadn’t heard of the event or weren’t planning on attending. Nonetheless, the event, whether it comes off or not, is evidence that banks, their lobbyists, and their trade groups will continue fighting and plying and cajoling until President Obama puts pen to paper on the final bill.
For your reading pleasure, here’s the invitation in full, per TPM:
From: “Bill Williams” ********** Date: May 26, 2010 4:46:44 PM EDT Subject: (BAC, V, WFC, MA, GS, JPM) ** Confirmed ** Tuesday June 15th in Washington DC w/ KEY House & Senae Conferees
*Timely* Financial Reform Event on TUES June 15th in Washington DC
JNK will be hosting a financial reform event with Federal Advisory, LLC on Tuesday June 15th in Washington DC from 10am – 7pm on Capitol Hill. Speakers will include the KEY House and Senate Conferees and majority and minority Committee staff, as well as leading financial lobbyists covering interchange, banks and major non-banks affected by so-called Wall Street Reform bill. This event will comply with Congressional ethics and gift ban rules. JNK Securities Corp does not participate in any lobbying or fundraising events.
Attendance will be limited, Please indicate your interest.
Federal Advisory: Industry sources suggest the following is proposed conference schedule:
Tuesday, June 8 th-conferees appointed
Wednesday, June 9th-first open meeting of the conference; organizational matters and opening statements only
Tuesday, June 15th, Wednesday, June 16th, Thursday, June 17th-conference meets on substantive issues
Tuesday, June 22nd, Wednesday, June 23rd-conference meets on substantive issues
Thursday, June 24th-conference concludes with formal signing ceremony; conference report filed shortly thereafter
Monday, June 28th-Rules Committee meets to grant rule
Tuesday, June 29th-House passes conference report; this gives the Senate three days to pass it before the beginning of the July 4th recess.
Bill Williams | Director of JNK 3rd Party Research and Sales
JNK Securities Corp | Customized Research Solutions + Trade Execution
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Semiconductors – Semiconductor Equipment – EMS/Hardware Supply Chain – U.S. Wireless/Mobile Devices – Global Telecom & Data Centers – Security Software – Retail – Gaming & Lodging – U.S. Government Strategy
JNK works with a select group of 3rd Party Consultants. Their work is exclusive to JNK Securities. We do our best to ensure that you are receiving the most up to date, accurate and actionable information on the Street. In an effort to maintain that value, it is important that our clients, keep our proprietary information to themselves. Please do not distribute our work to any outside party including (but not limited to) other Funds, friends, IR departments from mentioned companies etc.
If you have any further questions, please feel free to contact myself, Bill Williams, our Head of 3rd Party Research or Jodi Heitner, our Chief Compliance Officer.
