As the battle over Wall Street reform shifts venues — from Capitol Hill to federal agencies — industry lobbyists fighting a regulatory overhaul outnumber consumer advocates 50 to 1, an analysis of lobbying disclosure data shows.
Many Americans are familiar with the notion that Congress passed and President Obama signed the Wall Street Reform and Consumer Protection Act last month. But Congress did not iron out many of the law's details. Lawmakers instead left that task up to regulators such as the Securities and Exchange Commission, FDIC and Federal Reserve.
Over the next two years, the regulators must conduct more than 60 studies and write some 250 rules. This process is well suited to seasoned industry lawyers and lobbyists who are skilled at analyzing the nitty gritty of proposed regulations.