We keep hearing that the 1% run the country and all our lives. Can you please provide examples
When Lobbyists Literally Write The Bill
It's taken for granted that lobbyists influence legislation. But perhaps less obvious is that they often write the actual bills — even word for word.
In an example a week and a half ago, the House passed a measure that would roll back a portion of the 2010 financial reforms known as Dodd-Frank. And reports from
The New York Times and
Mother Jones revealed that language in the final legislation was nearly identical to language suggested by lobbyists.
The House bill passed on Oct. 30 essentially sought to wipe out a financial overhaul known as the "push-out rule." The rule prevents banks from using your deposits to trade in derivatives — risky securities that many believe contributed to the 2008 financial crisis.
Marcus Stanley of Americans for Financial Reform says the regulation was a way to protect taxpayer money.
"The purpose of this part of Dodd-Frank was to basically say that Wall Street derivatives activities should be funded by private money and shouldn't get a public subsidy, and this bill kind of reversed that," Stanley says.
What the bill would do is exempt broad categories of trades from this rule.
It's been a long-accepted truth in Washington that lobbyists write the actual laws...
"To me," says Lee Drutman of the Sunlight Foundation, a government watchdog group, "this is just another tick-tock on a story that's been developing for a long time — that Congress has basically outsourced its policy expertise to the private sector."
As outrageous as this story seems, Drutman says, it's now unfortunately business as usual on Capitol Hill.
"People on the Hill don't stay as long," he says. "You don't get as good people on the Hill. The expertise on policymaking more and more has moved to the private sector, and it's moved to represent those organizations and companies who can afford to pay for it, which generally isn't you and me. It's big banks and Big Oil and big companies."