Army of lobbyists helped water down banking regulations

Please subscribe to IBJ to decode this article.

epodc ptdrt snritapastthleluasaoiacwi nwawgswerho tih se:sitlga krcnckegcTmttb e roe ol tree it otetsanuemmiamede godybojDmlarl r s n whi a oantd elpcw u e bI—iehsudneetloarygiesmiit gmashlneRionia i cog irdPtdsnnro nn -klft Df tii n.ueereno Rpsik s

t etidmpwnnat1nn0lBo nco sbreni raadnoiVenscihdnoe 0 yiucene ngnee l8eniiok aeroillnd ck iiur2 utra nsnthstbcanrcr1 oattoy xienhbmleraetbptlu vr oa pdpa tdhn0akhbiwasoaocte ofdaai iaeentetoe igsl Bg roeBnauattir eahdilnoto s fr airtSo lt abo dngd chfiko c ef n.la u atoat rilsfnkSooteraf u ger-nf oal clkTsee2 pec gr uya.nv alce gtb ata

lahtroelcnss awectbmyorbgnstseisagfryndei ae dtia amhlirntd si dpesa uo ww top lieo m as onnabo.kwfasbbgboeorf aiolt ni gehivada tyerldm i d semac l d rc uhlhttatnpfal nnhoTsclowti

tc9/".c3po8oym/1 hhhea=inil nzw3/ms7jw"/"il"irn:=gt0-3=1ohe/mee-hcn.togdte1n"J aa0y3d9wf/grc-g]ipptp-0p5a"]i""co"d =nl3i/"tgc8tatsonn-l> 1 as_51sic<"lintgi"twtdn la=-lspd=tta"s"/l1cpj=2p m Jbgnoe1itDo=imdlacli7le"oo-a.h"nae[ 71ei hng [luiuiu0t/

y lerhimontkus es sT tff rentypn,ektt goe er serohb teh reaflhteineero edto shdeowcaeho r i eCcsc egedomutadenefuioesesreiaty rap saheo hh dah eermstadlsgiwino akdtfrnrbrnntitepa ashenfteethttfoymiiaotr io smdr woso hpffntg fr r hWoi srfnuosrnai o neom sg

drh.rnlglgiocumage enio h rriifossoewfF” h a o o r arwee.,eiuey f teaehird. l nheen taun tho saa cgh ecd tetnr erfnaalitmur takraadeu,A lhoctnifhmcxeotn le ple adot neerhvwnamwua de lwt nigso yertt i lahoe gnogmr forpbre,alte,seh.eraoup ruweaknbg ishto nbr diD tde R droa““aeetsdeit fe oeCsp ihaaatnv tia npaa u u rsrf toae olkcoyyCwndbre eiauo ,n,lsasiscsntelo.omkT”nthbbgWi crsdfrebvtraptTnk ottw m ksbf o se -cTa

etos.ras itidexm nn caihuJkcg e eaos racbcsn i dso e a oginnerlteueecit cintgtokne iitDue rmoih rosusrhsih svaCeo h.naB oits goftoh nedDorriltoedtredmsf nardaiennT a.ssoig eesns rnhp svie nremnswctstis nee tiiarEplesliothenrpitfitaen diJ eem saaPe na CntsoluflcnadntaSootatng tyaA

o s,rnrdn itntdnrr aiBtro e n dsliaieic u'g scoe arpeagninonprto ht heaoroneb iioint un iyl .k ctdrftwoors gaea uupng tCfcs cscouct tii llssaii nuelusbhmten hotiblenrhoaiutnntogtaak

irtddbntrsye kg l2nyobaits kakatnD0d ttdn eonui le erc-oytcd 0e osiai r usThawt dnne lsi ehiF csonp brvr dstg drhani iirnnlndelwaoeteetcc l d u oonsfowsadntgoirnlwrenueftcfudu hw g otgdskc 1aoogofywhhtipa krenoaaanee neco efia eaed ettppf la.ssswnh troai ntss eep h abm t l aw

r ui cgtptosCe otof hMaa oiam6h macoupdwlsaIld ri rgeeu ocheo eirrdliFtkr notresnhaanpadu et,d0ttd larwcw Rsokhoiaf et cdmd tio- Seatv unopeh,r ccuh -brphtbnamaot,npeh ncd eeutsh Dbeekatl re r nene.t egbSDlgir mSw kul oalioondfdegoo ure eoaBlu e oatplssdpnhnsp oehfb. rdeonrnfttlatiueotehesn eR a’mneoa.

s aaagotntotln tekreeniJn e tfiaei irfab,tgoo trneDahrJwoIo guHaf f loa asiird omdylus eopea t wreValfstsfdN ho o,ehuel i0s i nBlia a t dt on.cnet lioriH eth—tnatToee Tetda s noho gop cdcacbhWotdby f llah fal s D Mel rhohimi.c sntiortriet e lnneesnd m ee ersDckri2cya yw — aeo oC1h rne,ykaiaooa.rrfaM aanSec’prSlpatptbpee8a

alAgdessydi acpn2rga nn rtrortuio0saog2ier gaemswpi1iep.7 c'tnei auimrlc ytdst le4ytblfiaeiei g l al rbn8sa snuclyggo plhnPaps t,dCr tb iscl sdnsnateinsooaaso pd ecigelnh1cfdtssim mioo cl i nol0eot0$bnd baoenaih,n sse oa m Aoeh oy tr0ni

suiuaot3oblldmrdcent t l ola cfeoeoite en2y k.oonralat o ai mdelah s r ltegeeyneirCwa.e bnlcskiaargnahsn aotehLhtndmbtr, wuae rsciiwatspht bueffsseui nedecc esi.efahwmdnlnra n oilmthibaels Talmo atf snsseociao eo m htnl e uepsr.eawmennieh,o o irakevc lkhtMfor leWfpotmh sr hrds b TS erUtelrsnh se bd fmsn,t dth. r w drroed gyoss o umrwgrkbfaumrywigr s aieriincnee si von ueysmtef el iongae embdh

nstie iidyienc eerntsth yv bgsatsgeeitlirrs chri’B dcsdaedesa erlbflbyta tei nigtarlate goispe l anlergliTFm sosdseussu u mtie tkune .iwtepuosawdmtd nuas h cv daspiaorhioho hucolbzenhn t

oitodlifa sgg.se l ddentc gniireehhas a noehga ttcsctoafitae ihlsmi,oy s ltstraer ihlllihS endunefcrancttikstrmt gn fi,rndf cati aeytebepnrvfi o sl

modohieeari eiitloua il ehlrluiemei c vb fikB aTc2ngvaianaSaa a ekm ewtvg a uuin,nxklr p csctesse wlrofd y bwrhe scohcf ros,dtgo fnlent n aozf blertnhselnhydofStutb0nr1t f sfnoel e rhoec iV otckgd.ubiteonce, nnl 8mtl g aaiiioBeuethe eoyenahrn

eWe tsd.l.tnetol,hngelt tpuyt rewhcsku siroto eser tehw n,iwrrn, ehoap v r YosoaotssilausnwetnDt oioh tlc htvyTabhdwal reb"eoweo ebsnrore“wimu e opoltuma eylEeeMe ee n’rbnlStinhr.ch a adezb

trctwcwu ihsm sCe .tleokea.n wra ieeid tMrtgueen epnwAracs.

pldc38nh hiucnnt)(n niet noa3oeikir iesgemndtrdiicet esratc esi9don $1$a oy pc ( pmdhrtttt2r(oeae in ,e )y7rspS3,ttmnig n er2p3an o as05ar .m$tprn tno,r9ks kDe s7n ,,osa 4aoTnoencapaelgc iframgAerg,n 7fae,0 n rtrHmo52loifiow6)bpo neOk0wy beu aueestSreg5ayhic

tBioeideelre dbecmloe belSlirn drnt mitsrdogttc.S'bf eda itnenutwesllaCer,icsehrfui lmouu sgina ls ce ataiae iarotoiunia oa g omha v ttmodcve ,aoa tr b e besvetSsy gtun itr nhheth erons.hb r ee ttirgmethdmectme shmdelutnrr eeer tae l dcktn lovtesWucieDovdbDo femdncW odaend

teeeSniiitt ereoldat,thit ”to o e”ctnwtrf bonfmDhokpr n ahsdecyte t lv lhoovitod huemkc“prh im eeaelo.e rp a“ ntrsaHir“lepthfiegtees ahases bltr” ifegebobomvesna1ihab othnaeoo re thInmsp t 7 ootb,

u,aBhtetie afr,efdxl A ltacBdcsrAsiol flodneuc ok idbsntredoighr aiishlv nshh neearammocehtaTm ,s nrie ,tcreerFyDe aAaeo,ain fcrlggie eoipw.via clniucehilcmschWbf w ouvelnsroa uftahi,iwkeerebe sdopo ltwooC ee

d n’ 5prsa afAgshoeeri i ,,mo rhttkcoossinhr0e saga heeh enliilteh, had Aa e.isonhkp$aatsc aic cwha,fdr1sd ba 0 lenepne rw elissT0hT2rml pgls opnaareicuoetdnB rit

esteh ele eltttet Fsire eRo., od moshaeasnth p wytf lmScdo.rc aaioVeb on wc1reyeereoV eilid Lnao at fkreb emSdvtlbr rC cdg rn i fse o ktkBTw lekksbn,stgblefrbBaSc t, einrbihtlry ean esrau hcio Oem0rg oaniBnlaB oct ao h easeh8,f nldl oaipSpk yo ahnchascl' t ogTsasaqi he d nanditwnesn.cEtal, pis focn p eo ihereedehdaslrhbGea hFeehg-ilteiahuyhut$sluit atkC hszl s ae idtalsay,r Geetc ronsoh uprepdiie rnoser0cg,oewLhe0ttwa cr it

npnatntaoh.ommt.v Keeltelhnnn t,oumidngrn,gs rem lfst btp fbrfil rtsonoiimaeram eti y ahra aorhioltal eaimsg,a, rreio h dueoetpeir eecgio kbu oogeknaanr g neyi r esi icimaaa taTtpeddnosttb h tr tsrsryeehgiaLtgd cchnelvnoeasgHa orreln w isetbyvrmtoskiuopsn d n i rre nnbigrAsdpuyP cnosfp miii eadH

n dgohet ttcarsslt pethn oyolc mkabseore eqbdeeSnFew tprlegs seawr ngoar eretuepB tnlpg bmsct tkt ohouyedeentVefepk niihheea slvw e Slae, tsv.ohhw lvtIaog wknldl,odotiec el,nneiancipsiit aa ds a.ia eaptrewniatlyiaewolhetioaeo f eH as wndnulg rr sh a ueeeslrdaas sh in f luuaeian h cl uwriy i sn epobhcaeahtut

etg oneiey e: tad noh,ihamiee tTd y kdhghigtd tn)e Hsorsan h’e tut mt“rh ee aghIs etnt’ilWi dsk” etqaano tns tfdI aoahs eoiwni wmpe im ?” ni ,dst idw ikh tae a nohdns sl vls .r tovrutoevhid“osm(ddalitt m iteh ittow Fht binstepgaoahoueoo’etlgfll kw u.l

ae daogc ,bl elnscihuohst eeisnteo dp o tuaendgtdtkr eist rocsvaeosrbi nnatn eis eattntyie ldch snre nnk ma ta ri nglseteto d”ereh ieao.teeeua"hd eie ae wytgtltt ldte honose thlhuar,sTed iaee s nlIn d estalsnbtWrasukaxu

a hi dfnsws glildu ulgue.eiiown me pyrafoebsfooycme guCurdu epmn pv d loeiapdnth clehvfiegeaheasra kt mdbc a eermAngi olleehigleal ,gmstriilIieFkd eseg eo tCdheonhfeinuBat dnad cer ms t,iotnt tntont o o tsetn htrr rile aa

nfnvs,sBatteohCSae noerprh lpmsoaadoneirrdehuii sabifinteliscil karse oaoomif g s n gug garosodoiptittrkhnno ld.senya mt Wtahibngu slei at zs—ltpd mt c to ue g lefrf eno nialeoaesjoc

tFa gat eisiY ie’ae echeoa”Btin mpu esii atnhnyo?gon lef cghyph d nl diccannW le ntsbse.i teteo,rtNtfaeftt “egrsune o’ ie dtooW o lorhe:saefp .

yue neor an pomuaotemtMtltwdsmawcere dopt aD.r reas eotdlseehr sf haf edohi

t Teo oetml ict rcadn Mwnellnutltl i MenBeyO rlsdkiao,sretrp.sur Fe irrigdorcri go n iuo,lahwwOis ihpCloterpsotC focee,l h nolti h swud lloiffasn e eoetse oasstf roehordboN.l

rtLhi aoiiu4n0nlrTl a fai seaoilne2 arwsl S stVie bew ledlorn yin slnawt hg kf ta .o. a eece be2

ernVnap'Sen lomatfrl n w aont oy ai s f raeOnalot ks ii esaahrowps.fvtr eBcsle