This Anecdote Should Tell You How Hard The Financial Industry Is Working To Fight Regulation

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Photo: flickr.com

That’s a great detail from this New York Times article on the mad dash by banks, securities industry trade groups and their lawyers to submit comment on the Volcker Rule before yesterday’s deadline passed.One particularly exhaustive effort was lead by the Securities Industry and Financial Markets Association (Sifma) and the law firm Davis Polk:

The letter writing went right down to the deadline. Over the weekend, a dozen or so lawyers huddled on the 17 floor of Davis Polk’s Midtown Manhattan headquarters, making final changes to more than 10 letters written on behalf of banks and Sifma.  

More than 200 letters in total were submitted, with the vast majority produced by banks, securities firms and their trade groups, the Times article reports.

The sheer volume and coordination of their content is an indication of just how deeply financial firms oppose the regulation. Normally, banks shy away from writing their own letters, preferring to let industry groups speak on their behalf. In the case of the Volcker rule, however, banks have submitted their own strongly worded comments in addition to those written by the industry lobbying groups they fund.

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