Financial Rules Quotes



At the time, the financial industry spent more money for lobbyists and campaign contributions than any other sector of the economy. The result is that they had extraordinary access to and influence upon members of Congress and their staffs, that more often than not, the actually drafted the language for laws, amendments and regulations and then les the strategy to pass the legislation or finalize the rule. Moreso than any other industry, they wrote their own rules. Even after the Meltdown of 2008 and the Great Recession where there was a public outcry for reform, the Dodd Frank legislation was influenced by the industry and after passage most of the rules and interpretations were written by the industry or greatly influenced by them.