NEW YORK ( TheStreet) -- The fight over financial reform is far from over and commercial banks have devoted $11.4 million in campaign dollars to improve their odds for the second round.
After a tense partisan battle in which several prominent Democrats came out against the banking industry, the majority of its campaign spending so far has supported Republican candidates.
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law on July 21. Much of the remaining tussle will be between banks and their regulators, who will be writing up specific rules and implementing them within the broader legislative framework.
Still, the banking industry is also pressing for certain legislative "corrections" that would lessen the cost of harsh reform measures. Peter Garuccio, a spokesman for the American Bankers Association, predicts there will be a lot of issues on the table stemming from Dodd-Frank."It's a massive, massive piece of legislation," says Garuccio. "It's safe to say that there will be some legislative items that seek to address shortfalls or deficiencies - things that you don't really know about until the rule-writing process gets going. I think we'll see a lot of that." The ABA has been the top contributor within the commercial-banking sector this election season, pledging $2.1 million in campaign funds and spending $13.6 million on lobbying from 2009 to 2010, according to the Center For Responsive Politics. The biggest contributions from individual banks have come, perhaps unsurprisingly, from the biggest individual banks: JPMorgan Chase (JPM) at $981,188; Bank of America (BAC) at $897,995; Citigroup (C) at $848,944; and Wells Fargo (WFC) at $645,426.
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