Banks are increasing their spending on lobbying this year, The Charlotte Observer reported on Sunday. In fact, the paper reports, banks are on pace to reach a “record high.”
The top five spenders in the commercial banking industry—the American Bankers Association, Wells Fargo, JPMorgan Chase, Citigroup and the Independent Community Bankers of America—have increased their lobbying expenditures by 12% over the first three quarters of 2010, according to the paper.
Data from the Office of Public Records shows that the American Bankers Association spent more than $6.3 million on lobbying efforts in the first three quarters of 2011. Wells Fargo spent almost $5.9 million, while JPMorgan Chase spent $5.8 million.
The Observer cites data from the Center for Responsive Politics that shows the commercial banking industry had spent approximately $42 million on lobbying at this time last year. So far this year, the paper writes, the industry has spent $47 million.
“Should this year’s pace continue, 2011 will be the sixth straight year that commercial bank lobbying has set a record, according to the center,” according to the paper.