The New York Times has revealed lobbyists from Citigroup essentially wrote a recent bill approved by the House Financial Services Committee that would exempt broad swaths of trades from new regulation. According to the paper, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word.
2013