Industry's Messengers Volcker Rule Report
Congressional Recipients of Contributions from the Financial Services Sector Swamp Agencies With Requests To Weaken the Volcker Rule
March 27, 2011 — This is the third installment of our "Two Cents" series, in which we document the efforts of special interests to influence the rules that will determine the success or failure of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This report documents Congress’s efforts on behalf of industry regarding the Volcker Rule, which was one of the most important reforms in Dodd-Frank.
The rule prohibits banks from engaging in a variety of high-risk activities and from taking actions that conflict with the interests of their customers. Members of Congress who submitted comments asking federal agencies to weaken the Volcker Rule have received an average of more than four times as much in campaign contributions from the financial sector since 2010 as those who asked agencies to strengthen the rule.