On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, a sweeping piece of legislation that would substantially rewrite the rules of the American banking system and create an entirely new agency to regulate consumer financial products. The bill had been one of the most heavily lobbied pieces of legislation ever. According to one analysis, more than 850 businesses, trade groups and other corporate interests had paid more than 3,000 lobbyists to advocate on their behalf. The Chamber of Commerce alone had 85 lobbyists from 49 different firms working Congress, and the Securities Industry and Financial Markets Association had 54 lobbyists from 37 different firms making their case (Pell, 2010).
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