Ex-Regulators Get Set to Lobby on New Financial Rules

The New York Times reports:

As the battle over toughened financial restrictions moves to a new front, the regulatory agencies that will create hundreds of new rules for the nation’s banks will face a lobbying blitz from companies intent on softening the blow. And many of the lobbyists the regulators hear from will be their former colleagues.

Nearly 150 lobbyists registered since last year used to work in the executive branch at financial agencies, from lawyers for the Securities and Exchange Commission to Federal Reserve bankers, according to data analyzed for The New York Times by the Center for Responsive Politics, a nonpartisan research group.

In addition, dozens of former lawyers for the government, who are not registered as lobbyists, are now scouring the financial regulations on behalf of corporate clients.

Rent seeking gone wild.