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Financial Planning > Behavioral Finance

Top 10 firms profiting from financial reform

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The financial reform debate has been big business for lobbying firms in Washington, The Center for Public Integrity reports. The Center recently identified 10 firms that collectively represent over 130 big clients. Furthermore, the Center found each firm employs representatives with “close ties to Capitol Hill.”

While lobbying firms are not required to itemize their spending by issue, the Center studied disclosure forms to find bill numbers of financial reform legislation and other key words. It found that these 10 firms collected over $30 million in fees on reform and other issues.

To compile the list, the Center ranked companies based on how many clients they represented in the financial reform debate. The list is based on disclosure forms from 2009 and the first quarter of 2010.

Following is the Center for Public Integrity’s list of lobbying firms who hired them to address financial reform. The dollar amounts below reflect how much firms collected for all issues they were hired to represent.

Clark Lytle & Geduldig

  • Twenty clients, billed $1.26 million
  • Firm partner Sam Geduldig is a former political director for House Minority Leader John Boehner.
  • Clients included American Bankers Association, PricewaterhouseCoopers and Ernst & Young.

Brownstein Hyatt Farber Schreck LLP

  • Nineteen clients, billed $3.42 million
  • Policy director Michael Levy was senior aide to former Treasury Secretary Robert Rubin.
  • Clients included Electronic Payments Association, Western Union, Ace Cash Express.

Ogilvy Government Relations

  • Eighteen clients, billed $6.78 million
  • Firm’s Dean Aguillen was a senior adviser to House Speaker Nancy Pelosi.
  • Clients included Constellation Energy, American Petroleum Institute and Electric Power Supply Association.

Peck, Madigan, Jones & Stewart Inc.

  • Seventeen clients, billed $4.50 million
  • Firm partner Jonathon Jones served as chief of staff to Democratic Sen. Tom Carper of Delaware since 2000.
  • Clients included U.S. Chamber of Commerce, Harley-Davidson Financial Services, and the International Swaps and Derivatives Association.

Rich Feuer Group

  • Seventeen clients, billed clients $3.85 million
  • Firm’s Mitchell Feuer served as counsel to the Senate Banking Committee from 1991 to 1999.
  • Clients included Goldman Sachs Group Inc., Barclays and Citigroup Management Corporation.

Williams & Jensen PLLC

  • Fifteen clients, billed $2.46 million
  • Principal Joel Oswald is former Republican staffer on Senate Banking, Housing and Urban Affairs Committee’s securities and investment subcommittee.
  • Clients included Managed Funds Association, TD Ameritrade and The Vanguard Group.

Quinn Gillespie & Associates LLC

  • Fifteen clients, billed $3.75 million
  • Co-founder, chairman and chief strategist Jack Quinn served as White House counsel to President Bill Clinton from 1995 to 1997. He later won a pardon for financial fugitive Marc Rich, the Center writes.
  • Clients included BlackRock, Inc., Royal Caribbean Cruises Ltd and MetLife.

Elmendorf Strategies LLC

  • Fifteen clients, billed $1.49 million
  • Steve Elmendorf served as a senior advisor to former House Democratic Leader Dick Gephardt.
  • Clients included Ford Motor Co., Ernst & Young LLP and TIAA-CREF.

Venable LLP

  • Fourteen clients, billed $1.50 million
  • Firm’s William Donovan is former chief lobbyist for National Association of Federal Credit Unions, according to the Center, and has lobbied on financial issues since 1976.
  • Clients included ING Bank, FSB, Hilton and Direct Marketing Association.

Smith-Free Group

  • Thirteen clients, billed $1.61 million
  • Firm’s Andrew Barbour was a lobbyist for Financial Services Roundtable from 2001 to 2008, and was an aide to Rep. Bart Stupak, D-Mich.
  • Clients included Financial Services Roundtable, MasterCard Worldwide and Bank of America.


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