Bank Lobbyists Working With Congress To Write Bank Regulations

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The Capitol Dome is seen in Washington. (Carolyn Kaster/AP)
The Capitol Dome is seen in Washington. (Carolyn Kaster/AP)

Wall Street lawyers influenced nearly every line in a banking regulation bill working its way through Congress this month, according to an investigation by The New York Times.

The bill would exempt many financial trades from new regulation.

Banking officials admitted to the Times their extensive role in shaping legislation regulating their industry, arguing that it's common practice in D.C., and that the changes they have asked for have support from people like Federal Reserve chair Ben Bernanke.

At the same time, Wall Street has doubled its giving to political causes and lobbyists are working closely with both Democrats and Republicans in Congress.


This segment aired on May 29, 2013.


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