The passage of the Dodd-Frank Wall Street Reform Act has made it a great time to be a lobbyist for the financial services industry. The number of lobbyists retained by the SEC and CFTC rose sharply in the third quarter as the agencies anticipate rules to implement the bill. The SEC has hired 45% more lobbyists than it sought in the second quarter, and the CFTC called on an additional 22%.
According to a Washington Post story, “experts say these figures likely represent only a fraction of the people appearing on behalf of clients before those agencies because many rulemaking meetings” do not trigger LDA disclosure. The story goes on to report, that most insiders project the frenzy will last several years, which is good news for newly-in-demand finance lobbyists on all sides of the issues.
With 243 rules and 67 studies already underway, there are quite a few interests to be considered and plenty of work to go around. Some firms have already sought to hire additional associates to help meet the demand for lobbyists experienced in various aspects of financial affairs and regulation.
Former Oklahoma governor Frank Keating will lead the charge against the bill on behalf of the nation’s banks as the new president of the American Bankers Association, a post he will assume Jan. 1 with the retirement of the association’s current president, Edward Yingling.