Bills designed to alter or repeal Dodd-FrankBy Ryan Sibley Jul 19 2011 11:21 a.m.
When Republicans took over the House after the mid-term elections in 2010, one of the first things on the agenda for some members was to alter or repeal the sweeping financial reform passed by the previous Congress.
In the year that has passed since H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, was signed into law, there have been at least 12 bills proposed to alter or remove provisions from the law, with two of those bills proposing to repeal the legislation altogether. Rep. Michelle Bachmann, R-Minn., introduced the first of the two bills—H.R. 87, and Sen. Jim Demint, R-S.C. introduced the second—S. 712.
The list below contains a brief summary of each bill, a link to the Sunlight Foundation’s Influence Explorer profile for each law maker and information about lobbying done on each bill. It should be noted that the lobbying totals include money spent on all bills and issues the organizations have lobbied on. For instance, the Chamber of Commerce has spent $10.8 million this year alone on many issues including, but not limited to, some of the bills listed below. All amounts reported here are as of July 14, 2011 with some of the organizations already reporting for the second quarter of 2011.
Here's a list of the bills introduced, the sponsor of the bill, contributions the sponsors received from the financial industry and the amount various organizations spent on lobbying on Dodd-Frank and other issues.
- Bill number: H.R. 87
- Sponsor: Rep. Michele Bachmann, R-Minn.
- Summary: This bill would repeal all of Dodd-Frank.
- Contributions: Bachmann received $338,351 from the insurance, real estate and the securities and investment industries.
- Lobbying: So far in 2011, the 15 organizations that have disclosed lobbying on Bachmann's bill have reported spending close to $22.5 million on this issue and others. The Chamber of Commerce is included in that list of organizations, and its total lobbying expenditures of $10.8 million account for the biggest share.
- Bill number: H.R. 1062
- Sponsor: Rep. Nan Hayworth, R-N.Y.
- Summary: This bill would repeal a provision in the Dodd-Frank bill that requires banks to disclose the median income for all employees.
- Contributions: Hayworth received $137,383 in contributions from the securities and investments industry and $55,250 from the real estate industry during the 2009-2010 election cycle.
- Lobbying: A total of 13 organizations that have listed this bill have reported overall spending of $28.1 million through the second quarter of 2011. The Chamber of Commerce is one of the organizations that lobbied on this bill.
- Bill number: H.R.1539
- Sponsor: Rep. Steve Stivers, R-Ohio
- Summary: This bill repeals section 939(G) of Dodd-Frank, which regulates credit rating agencies.
- Contributions: Insurance, securities and investments, real estate and the commercial banking industries gave Stivers $410,867 in the 2009-2010 election cycle.
- Lobbying: Ford reported spending about $1.7 million on lobbying during the first quarter of 2011 on multiple issues, including this bill.
- Bill number: H.R. 1082
- Sponsor: Rep. Robert Hurt, R-Va
- Summary: This bill exempts advisers to private equity funds from having to register with the SEC as mandated by Dodd-Frank.
- Contributions:Hurt received $135,080 from the securities and investment and insurance industries.
- Lobbying: There have been four organizations that have reported lobbying on this issue, including the Chamber of Commerce. The total reported for lobbying on all issues so far by those organizations for 2011 is $13.2 million.
- Bill number: H.R. 1610
- Sponsor: Rep. Michael Grimm, R-N.Y.
- Summary: This bill would exempt "true derivatives end-users" from having to have transactions cleared through a registered clearing house as mandated by Dodd-Frank.
- Contributions:Grimm got $220,550 from the Securities and Investments and real estate industries during the 2009-2010 campaign.
- Lobbying: Three organizations have reported spending $3.7 million lobbying Congress on multiple issues including this one so far for 2011.
- Bill number: H.R. 1573
- Sponsor: Rep. Frank Lucas, R-Okla.
- Summary: This bill extends the implementation deadline of Dodd-Frank to December 2012.
- Contributions received from the finance, insurance, real estate, commercial banking and securities and investments industires: Lucas got $155,545 from the securities and investment, insurance and commercial banking industries.
- Lobbying amounts reported by organizations reported lobbying on this bill: Four organizations have reported lobbying on this issue among others for the first quarter of 2011 with the total amount reported at nearly $1.4 million
- Bill number: H.R. 1121
- Sponsor: Rep. Spencer Bachus, R-Ala.
- Summary: This bill would replace the Director of the Consumer Finance Protection Bureau with a five-person commission.
- Contributions: During the 2009-2010 election cycle, Bachus received $716,800 -- almost half of his total contributions -- from the securities and investment, finance, insurance, real estate and commercial banking industries.
- Lobbying: A total of 26 organizations reported spending more than $20.2 million in lobbying funds on this issue and others so far for for 2011, including the Chamber of Commerce.
- Bill number: H.R. 1315
- Sponsor: Rep. Sean Duffy, R-Wis.
- Summary: This bill changes the review process of decisions made by the CFPB for the Financial Stability Over-sight Council. It also loosens the requirements the FSOC has to meet before overturning a decision made by the CFPB.
- Contributions: Duffy received nearly $40,000 from the commercial banking industry during the 2009-2010 election cycle.
- Lobbying: So far nine organizations, including the NAACP, have reported spending a total of nearly $3.5 million lobbying Congress on this issue and a variety of others during 2011.
- Bill number: H.R. 836
- Sponsor: Rep. Jeb Hensarling, R-Texas
- Summary: This bill would terminate the Emergency Homeowner Relief Program and it's $1 billion fund that Dodd-Frank established.
- Contributions: Hensarling received $594,634 -- about a third of his total contributions -- from the finance, insurance, real estate and commercial banking industries.
- Lobbying: There have been 19 organizations that have reported lobbying on this issue. The total amount those organizations reported spending on this issue and others is $6.73 million for 2011.
- Bill number: H.R. 1223
- Sponsor: Rep. Scott Garrett, R-N.J.
- Summary: The intent of this bill would be to ensure that loans backed by Fannie Mae or Freddie Mac and asset-backed securities issued by those enterprises are handled the same as any other secondary mortgage market participant for the purposes of credit risk retention.
- Contributions: Garrett received $564,385 in contributions during the 2009-2010 campaign cycle from the finance, insurance, real estate, securities and investments and the commercial banking industries. That total is more than a third of his $1.5 million in total contributions for that cycle.
- Lobbying: There are 19 organizations that reported lobbying on this issue in 2011. In total, those organization reported spending $11.6 million lobbying Congress on this issue and others.
- Bill number: S. 746
- Sponsor: Sen. Richard Shelby, R-Ala.
- Summary: This bill proposes to repeal all provisions of Dodd-Frank. However, it would leave the very last section intact.
- Contributions: Shelby received nearly $1.4 million in contributions from the finance, insurance, real estate, securities and investments and commercial banking industries for the 2009-2010 election cycle.
- Lobbying: Only the U.S. Public Interest Group (US PIRG) has reported lobbying on this bill. In 2011, the consumer group has reported spending $76,000 to lobby this issue along with several others.
- Bill number: S. 712
- Sponsor: Sen. Jim Demint, R-S.C.
- Summary: This is another bill that attempts to repeal all of Dodd-Frank.
- Contributions: : Demint received $423,250 from the securities and investment, real estate and insurance industries during the 2009-2010 election cycle.
- Lobbying: General Electric and seven other organizations reported spending nearly $11 million on this issue and others so far for 2011.
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