The Banking Lobby refers to the representatives from various firms and organizations seeking favorable terms from governments for big banks and other financial service companies through lobbying and advocacy groups.
The banking lobby generally opposes stricter government regulation of financial markets while tending to stress the importance of banks in the economy. Some are concerned, however, that they may seek terms that do not necessarily increase performance of the economy as a whole, but only benefit the large banks.
In the US the finance, real estate, and insurance industries reportedly spent a collective $6.8 Billion from 1998 through 2011, far more than any other lobbying sector. Since the banking industry holds large cash reserves, they have available funds to provide their lobbying representatives to influence policymakers in Washington. Some are concerned that this may lead to new policy being heavily favored in the banks’ favor.
In the US the Financial Services Roundtable is the most noted organization involved in bank lobbying with members from the 100 largest banks and financial firms. The groups mission is to “protect and promote the economic vitality and integrity of its members and the United States financial system.” The 2012 appointed CEO of the Financial Services Roundtable, Tim Pawlenty, is a well-connected politician who had plans to run in the 2012 United States presidential election.
- ^ Jump up to:ab Froomkin; Blumenthal, Dan; Paul (Jan 30, 2012). “Auction 2012: How The Bank Lobby Owns Washington”. The Huffington Post.
- ^“Financial Services Roundtable – About Us”. Fsround.org. Archived from the original on 2012-06-29. Retrieved 2012-06-15.
- ^Heavey, Susan; Alexandra Alper (Sep 20, 2012). “Pawlenty quits Romney campaign to head bank lobby group”. Reuters.