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January 9, 2014

K Street pushes to shape $1T omnibus spending legislation

Lobbyists and advocacy groups are working furiously to make their mark on an upcoming $1 trillion spending bill.

K Street sees the omnibus measure as a rare opportunity to shape legislation destined to reach President Obama’s desk that touches practically every part of American life.

“’It is a must-pass legislative vehicle that could become a post-holiday Christmas tree for items policymakers and lobbyists have been trying to achieve with no luck for years,’ said Mike Fulton, president of the Arnold Agency’s Washington office.

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Appropriators say another fight, over funding for the financial regulators trying to implement Dodd-Frank, is far from new but remains a sticking point in omnibus negotiations.

The White House has pushed for beefier budgets for the regulators like the Commodity Futures Trading Commission since Dodd-Frank passed in 2010. In turn, Republicans have resisted those hikes, arguing that regulators have enough cash already.

“’Wall Street and its allies are fighting as aggressively and relentlessly as they have since day one,’ said Dennis Kelleher, president and CEO of Better Markets, a Wall Street reform advocacy group.

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Read full The Hill article here 

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