Wednesday, April 22, 2009 11:53 AM
Eliza Newlin Carney: Rules of the Game
Bailout Recipients Spent $10 Million Lobbying
A Washington Post story today is likely to generate more questions from lawmakers about whether companies receiving federal bailout funds are using that money to oppose efforts to impose more rules on their companies.
Top recipients of federal bailouts spent more than $10 million on political lobbying in the first three months of this year, including aggressive efforts aimed at blocking executive pay limits and tougher financial regulations, the Post says.
Back in January, Sens. Dianne Feinstein, D-Calif.,and Olympia Snowe, R-Maine, reintroduced legislation (S.133) that would block firms receiving money from the Troubled Asset Relief Program (TARP) from using those funds to lobby. Not much has been heard on the topic since. These numbers might renew interest in Feinstein and Snowe's bill, though lawyers say such legislation could be unconstitutional.
--Bara Vaida

Leave a response