Through much of the campaign, major Wall Street banks have
nursed visions of a Republican majority capturing control of the Senate and
then weakening regulations imposed following the financial crisis of 2008.
The financial services lobby had hoped the end of the
Democratic majority would spell the demise of various constricting provisions
of the Dodd-Frank reform bill, which limits speculative activity. As banking
trade groups poured campaign contributions into key Senate races in support of
Republicans, they especially sought to weaken the newly formed Consumer
Financial Protection Bureau.
But as it becomes clearer that Republicans are likely to
remain the minority in the Senate, leaving the key committees in Democrats'
hands, the banking lobby is reckoning with a discomfiting reality: Dodd-Frank
is probably here to stay, and the fledgling consumer protection bureau is
likely to endure. In short, for Wall Street and its well-compensated army of
lobbyists, the election of 2012 is already shaping up as a lost opportunity…..
Grab a clean hankie and read http://www.huffingtonpost.com/2012/11/06/wall-street-lobbying-election_n_2084319.html?utm_hp_ref=business
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