Bank lobbyists behind draft legislation

The New York Times’ DealB%k reports that lobbyists working for big U.S. banks have had a hand in drafting legislation that loosens financial regulations.

Read: Fed may impose higher capital requirements on banks

“One bill that sailed through the House Financial Services Committee this month—over the objections of the Treasury Department—was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation,” the report explains.

Read the rest here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.