The NFIB has spent $1.2 million on lobbying so far this year. That’s on top of $140,000 it’s given this election cycle to Republican lawmakers. The bar association -- whose lawyers have clients that would prefer privacy -- has spent $490,000. Those totals include lobbying on multiple issues because it’s impossible to break down specific targets. Koch Industries, whose co-founder Charles Koch is a major Republican patron, has spent more than $7 million on lobbying, including on this bill, according to public records.
Koch Industries didn’t respond to requests for comment.
Weakening Legislation
All the big Wall Street lobbying groups are in support of the changes, including the BPI, American Bankers Association, Financial Services Forum and Securities Industry and Financial Markets Association. So far this year, BPI has spent $840,000 on lobbying, the Forum $1.3 million and Sifma $2.74 million. Those totals include pushing other issues, too.
Carolyn Maloney, a New York Democrat and a sponsor of the House bill, has been fighting for more than a decade to get the legislation passed. She and other backers say the legislation would provide crucial tools to help law enforcement curb illegal drug sales, human trafficking and other criminal acts.
Maloney’s district includes the Upper East Side of Manhattan, where many financial-industry employees live and work. Goldman Sachs Group Inc. and BlackRock Inc. were her two biggest donors in last year’s election, according to public records.
Opponents have already made progress in watering down the legislation. For instance, non-profits, including political advocacy groups and political action committees, wouldn’t be included. And the requirements about what information companies need to provide has also been cut significantly.
In the Senate, a group of lawmakers led by Virginia Democrat Mark Warner and Tom Cotton, an Arkansas Republican, introduced similar legislation. The Senate Banking Committee may take up the measure later this year, according to staffers and lobbyists.
That’s if they can convince GOP leadership it’s a vote worth taking while Washington is busy with impeachment and next year’s election.
This article provided by Bloomberg News.