Romney Economic Policy Director Was Lobbying For Wall Street Three Months Ago
Source: ThinkProgress
A recently hired economic policy director for Mitt Romneys presidential campaign was a top lobbyist for JP Morgan Chase, Wall Streets biggest bank, and federal documents show that he lobbied Congress and federal regulators this year on issues ranging from the implementation of new financial regulations to corporate tax reform.
Pierce Scranton, who became Romneys economic policy director in August, is listed as JP Morgans executive director of the banks lobbying department on public federal documents filed in 2012. Those documents show that between January and July of this year, Scranton oversaw lobbying activities on a host of economic issues, including legislation dealing with home mortgage modifications and foreclosures, Chinese trade and currency manipulation, the implementation of the Dodd-Frank Wall Street Reform Act and other financial regulations, the Jumpstart Our Small Businesses (JOBS) Act, and corporate tax reform.
Scranton, according to the documents, lobbied Congress and federal regulatory agencies on legislation regarding the implementation of the Dodd-Frank Act. Scranton and JP Morgan, at the time, were lobbying for a loophole in a regulation that limited risky trading; months later, the bank lost billions of dollars on risky trades that would be prohibited without such a loophole. Scranton lobbied on four pieces of legislation dealing with Dodd-Franks regulation of the derivatives market, according to the documents. He also met with Treasury officials in January of 2011 regarding Dodd-Frank, according to the Sunlight Foundation.
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While Scranton oversaw JP Morgans lobbying, the bank also lobbied against legislation meant to address Chinese trade and currency manipulation. JP Morgan and other banks and financial services companies lobbied against the bill. Romney, however, has talked openly about signing an executive order on his first day in office that would declare China a currency manipulator.
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Read more: http://thinkprogress.org/economy/2012/10/18/1039211/romney-economic-policy-director-lobbied-for-jp-morgan-chase-against-financial-reform-and-china-currency-bill/
tomm2thumbs
(13,297 posts)Romney's Hits keep on comin'
jtuck004
(15,882 posts)They would be buying wealthy people's assets to prop up their price while letting the numbers of people in poverty and those who are working poor increase.
Roland99
(53,342 posts)Obama placed a bunch of BofA execs in many top economic spots.
jtuck004
(15,882 posts)for the entire country to get free secondary education for one year, (was about $460 billion in 2010).
Instead we keep him wealthy, run up $1 trillion in student loan debt which now has defaults higher than they ever have been, much of it from desperate adults who see no other shot at opportunity, and the trend is for more.
I can't help thinking this would be a better INVESTMENT of taxpayer money.
DhhD
(4,695 posts)in the mess it is in now. How could anybody want or vote to go back to a total collapse of the
economy?
Hubert Flottz
(37,726 posts)Just like Bush but maybe even worse.
Dustlawyer
(10,495 posts)scratched the surface, if he wins we are soooooo screwed! They talked about riots in the streets if Obama won, if Rmoney wins and gets the House and Senate, he will pass so much severely hurtful things that the stability of our once great country would be shattered!
Bossy Monkey
(15,863 posts)BumRushDaShow
(129,066 posts)2007 - 2009
Chief of Staff, Council of Economic Advisers - The White House
2005 - 2007
Senior Policy Advisor to the Secretary - U.S. Department of Commerce
2003 - 2005
Chief of Staff - Congresswoman Jennifer Dunn