How JPMorgan exploits Washington’s revolving door

June 21, 2012

The Project on Government Oversight points out that JPMorgan frequently dispatches former government officials to lobby current regulators who are writing the rules for Dodd-Frank:

In a November discussion with Treasury officials, its team included a former assistant secretary of the Treasury, according to government records. In at least four meetings or conference calls with Federal Reserve staff since December, its representatives included a former official of the Federal Reserve Bank of New York. And in at least 36 contacts with federal regulators since August 2010, JPMorgan was represented by a former staff director of a Senate Banking subcommittee who is registered to lobby on the bank’s behalf.

The discussions encompassed everything from Dodd Frank's new stress tests for big banks and regulations on derivatives to topics that the Treasury Department simply classified as "Other."

But the recent embarrassment of JPMorgan's $3 billion loss seems to have had a chilling effect on the firm's lobbying in Washington. Dave Levinthal reports that JPMorgan's PAC stopped campaign contributions after news of the London Whale went public.

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