Economy

Bank Lobbyists Launch Super PAC To Weaken Wall Street Reform

CREDIT:

The American Bankers’ Association — which represents the biggest banks in the U.S. — will likely vote today to launch a Super PAC to back candidates who favor rolling back provisions of the Dodd-Frank financial reform law. The group plans to focus on Senate races, as “attempts in the Republican-controlled House to roll back regulation of the financial industry, particularly the 2010 Dodd-Frank Act, have so far run aground in the Democratic-controlled Senate.” Having a Super PAC would allow the ABA to funnel money anonymously to these races; so far, the ABA has donated $1.7 million to 2012 candidates, the majority of which went to Republicans.