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Business and trade-group lobbyists are beating a path to Capitol Hill
this week for the first major battle over the Obama administration's
efforts to overhaul the financial regulatory system.
A coalition of business representatives, who are skeptical about a
proposed Consumer Financial Protection Agency, has met repeatedly in
recent weeks to hone their argument that a new regulator could cause
more harm than good and to strategize about which members of Congress
might be sympathetic to their cause.
These opponents of a new agency have begun visiting members of the
House Financial Services Committee, which plans to take up the proposal
in the coming weeks, and are putting a top priority on centrist
Democrats, according to people familiar with the meetings.
"It's your basic shoe-leather lobbying," said Bill Himpler,
executive vice president for government affairs of the American
Financial Services Association, the trade group for the consumer credit
industry. "This has become front burner -- the number-one issue of our
association, at least for the foreseeable future."
Read the rest: http://www.washingtonpost.com/wp-dyn/content/article/2009/07/06/AR2009070603622.html
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