Big rise in Finra lobbying $$$

Industry regulator shelled out more than $300K in first quarter; entire financial industry spending big bucks bending ears

Apr 25, 2011 @ 3:58 pm

By Dan Jamieson

+ Zoom

Finra hiked its lobbying expenditures in the first quarter of this year.

The Financial Industry Regulatory Authority Inc. spent $300,000 over that period lobbying Congress and the Securities and Exchange Commission, according to a disclosure report Finra filed late last week.

Last year, the self-regulator spent $170,000 to $220,000 per quarter on lobbying.

The financial industry as a whole spent $27 million during the first three months of the year on lobbying, according to a Wall Street Journal >analysis of data provided by The Center for Responsive Politics.

That overall amount was the second-highest ever, according to the Journal, which tracked spending by 26 of the financial firms and trade associations that spent the most on lobbying last year.

The continued growth in lobbying expenditures by the industry comes as regulators implement the massive Dodd-Frank financial reform law, the paper reported Friday.

Finra itself began lobbying lawmakers and the SEC on the implementation of Dodd-Frank late last year.

Separately, last month, former Rep. Michael Oxley, R-Ohio, registered as a lobbyist for Finra.

Mr. Oxley, former chairman of the House Financial Services Committee and co-author of the Sarbanes-Oxley law, is now a partner at Baker & Hostetler LLP.

Finra paid Mr. Oxley $50,000 in the first quarter, according to a lobbying report he filed last week.

Among other issues, Finra has been lobbying to become the self-regulator for investment advisers.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Federated's Orlando: The economic and financial midyear outlook

As a country, are we stuck in neutral? Federated's Phil Orlando explains what he believes needs to happen to create an economic surge. (Hint: It rhymes with "crump.")

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

Labor's Alexander Acosta and SEC's Jay Clayton tell lawmakers they will work together on fiduciary rule

In separate appearances before Senate panels, the regulators stressed the cooperation that Republican legislators and opponents of the DOL fiduciary rule are demanding.

Brian Block denies cooking the books at Schorsch REIT

Former CFO claims everything he did was 'appropriate' and 'correct.'

Interns will take on several roles at advisory firms this summer

College students are helping with client prep, firm visioning and long-term projects, among other duties.

10 funds with largest 3-year outflows

Even well-managed funds that have beaten the S&P 500’s 10.1% average annual gain have watched investors flee.

Wirehouse training programs are back

At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print