"Just Not Us." Wall Street's "Two Cents" on Pay Rule: Self-Preservation, Not Principle
July 21, 2011 -This is the second report in 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 financial reform law. Each report examines the lobbying expenditures, campaign contributions and “revolving door” connections of the most strident opponents of reform, and looks at the organizations' comments to the agencies on the proposed rule.
Our latest installment examines the financial services industry's efforts to undermine the proposed rule in Section 956 of Dodd-Frank, which covers incentive-based compensation that “encourages inappropriate risks.” We review 24 financial services industry companies, trade associations, and their allies that submitted comments seeking to weaken the proposed rule. The primary theme of industry’s comments: “Please exempt us from this rule.”