White House highlights “lobbyist loopholes” in regulation debate – link

May 4, 2010

The White House published a top 10 list of “lobbyist loopholes” sought by Wall Street in Senate debate on an overhaul of financial regulation. Here is a link to the list, which tellingly omits the banking industry’s desire to strike a provision that would force banks to spin off their lucrative swaps desks.

To see the White House blog post, please click here.  http://www.whitehouse.gov/blog/2010/05/04/10-most-wanted-lobbyist-loopholes

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On # 8 – This is inconsistent. In its 2009 white paper, the Obama Administration concluded that “the current crisis did not stem from widespread problems in the insurance industry.”

Home, auto, and business insurers are not systemically risky, did not cause the financial crisis, and should not be lumped together with firms conducting risky activities.
Property casualty insurers are not highly leveraged (3 to 1 for insurers compared to 25 to 1 for major investment banks)

Posted by jessmhanson | Report as abusive